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Turnaround Tuesday did not do us any favours today. The market continues to be undecided on moving higher or lower, keeping us in a tight sideways band. For May corn and soybeans, they have struggled to find support above the 20-day average which we fell below again today.
Despite private exporters reporting sales of 124,000 metric tons of soybeans for delivery to unknown destinations during the 2023/2024 marketing year, new otherwise was radio silent. With the WASDE report out Thursday, we saw some of the trade adjusting their position ahead of that, but otherwise the market environment remains with bearish undertones which we tend to drift to in quiet periods. Analysts expect USDA to cut U.S. corn ending stocks on Thursday (thanks to a bullish March stocks report and strong usage metrics and further declines in Brazilian production estimates), but raise them for wheat. Soybeans are seen close to last month's figure.
The U.S. is expected to kick off planting in the corn belt this week, with good weather projected to aid in this.
Private consultancy Argus estimated '24/25 Russian wheat output at 92.1 MMT, up from 90.0 MMT in their initial November outlook and the second-largest on record behind 2022/23, as well as the third straight season with overall Russian wheat carryin topping 100 MMT.
Funds were thought to have been all sellers today.
NEW! Wanstead Grain Text Updates
As Wanstead Farmers Co-operative continues its quest to get timely grain marketing information out to our farm customers, many producers have inquired about our ability to text our market commentaries and bids. Although we are limited by characters in what we can text compared to email, we are planning to start to send condensed text updates at midday in lieu of the traditional midday market emails (leaving the morning and closing commentaries via email).
Beginning April 15th, it is our intention, on a trial basis, to send out our midday commentary by text ONLY. We are also looking at using texts to communicate any grain prices/specials that might be being offered as well.
If you wish to join our text updates list, please text GRAIN to 519-800-0436. You can opt out at any time.
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