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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.

Cash corn and soybean prices inch up but still well below year-ago.

Corn basis turns positive but still below average.

After the Bell | April 10, 2024