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Traders expected USDA to cut its corn and soybean ending stocks forecasts after March 1 stocks came in lower than anticipated.

USDA kept corn and soybean ending stocks unchanged from March, while traders were anticipating a reduction for both crops. Meanwhile, wheat ending stocks rose as expected.

Traders expect lower corn and soybean carryover in today’s report, HRW condition ratings historically low and South American crops have ‘turned the corner...’

IMF: Global growth of 2.8% this year, 3% in 2024 | U.S. economy expanding 1.6% this year

Positioning is expected ahead of USDA’s April crop reports at 11 a.m. CT.

Soybean futures posted corrective gains overnight, while wheat pulled back from Monday’s gains and corn held near unchanged.

The HRW CCI rating remains historically low, while the SRW crop is rated stronger than average for early spring.

After the Bell | April 10, 2023

USDA reported soybean and wheat export inspections of 669,566 MT and 335,444 MT, respectively; up over 165,000 MT from the previous week. While corn inspections dropped notably.

Corn and soybeans are under pressure with wheat futures mixed. Cattle futures are lower although traders foresee higher cash trade again this week. Hog futures are mostly higher to start the week.