Pro Farmer
Wheat inspections for the week ended April 11 were up 34,000 MT from the previous week and above the expected pre-report range. Corn and soybean inspections were each lower on the week, but within expectations.
USTR confident in U.S. victory over Mexico in GMO corn dispute, focuses on Indo-Pacific trade expansion
Corn and soybeans posted modest corrective gains overnight while wheat spent most of the night trading near unchanged.
After weaker trade early in the overnight session, modest corrective buying gradually built in corn and soybeans, while wheat is narrowly mixed this morning.
Markets had a muted reaction to USDA’s April Supply & Demand Report.
USDA showed slightly larger-than-expected U.S. carryover for corn, soybeans and wheat, while global corn and soybean carryover also topped average pre-report estimates. Global wheat carryover was lower.
Brazil ethanol policy shows weakness of U.S. trade policy
Weekly corn sales during the week ended April 4 dropped sharply missing pre-report expectations by a notable 425,000 MT. Meanwhile, soybean and wheat sales were within their respective pre-report range.
Corn showed relative strength overnight while soybeans and wheat favored the downside.
Corn, soybeans and wheat held in tight ranges during relatively quiet overnight trade ahead of USDA’s April crop reports later this morning.