Wednesday April 3, 2024

• All the gains corn made after last weeks acreage report have been lost. It looks like the bullish corn data wasn’t enough to build momentum
  • May futures declined 2.1% on Tuesday 
  • Lack of short covering and farmer sales have also put pressure on the market 
• Soybeans lost momentum yesterday afternoon and closed near their lows with 8-11 cent losses 
• China is encouraging importers to slow the intake of corn to aid the domestic market during planting
  • China is increasing the planting of high yielding GMO varieties for 2024
• Wet weather has been benefiting the winter wheat crop along with the mostly dry US soils
• April showers have slowed US planting with the first half of the month looking to remain wet 
• Argentina is dry and looks like it will remain dry for the next 6-10 days which will help with crop dry down and harvest
• Brazil continues to see scattered rains and will see them increase in the next 10 days. This will slow soybean harvest but help soil moistures for the Safrinha corn growing areas