Thursday April 4, 2024

  • Corn tried to build back from nearly one- month lows by dominating trade in the overnights, but gains were minimal and is dealing with technical resistance now on the rebound. 
  • Anec’s, a Brazilian grain exporting company sees April soybean exports at 10.65mmt, down from 14.05mmt last year. Corn exports seen down from 1367k last year to now 25k tonnes.
  • Russian authorizes stopping shipments from one of their countries largest grain exporters as part of a phytosanitary certificates, increasing complaints about grain quality from importing countries. 
  • Ethanol demand remains soft as U.S stocks were up to 324k barrels week over week. Stocks are above the three year range. Corn used for ethanol remains to run ahead of the needed pace to meet targets.