Tuesday April 16, 2024

• Markets are stagnant with bearish fundamentals that were only reaffirmed by Aprils USDA report
• Yesterday morning the USDA announced a corn sale of 135k for 23/24 delivery and a 30k corn sale for 24/25 delivery to Mexico 
• NOPA released crush numbers yesterday (See below for a chart on NOPA soybean crush)
  • March crush came in lower than estimates but came in above last months numbers 
  • March achieved the single month record of any month this year
  • The marketing year to date for crush is 6% ahead of last years pace 
• Export Inspections were also released yesterday
  • Corn inspections were within pre report ranges and above the 10 week average
  • Soybean barley met the range of expectations and were the lowest they have been in the past 10 weeks
  • Wheat shipments exceeded expectations and are 5% ahead of the needed pace
• US corn planting is ahead of the average this week and soybeans are off to a fast start as well
• Kansas and Oklahoma winter wheat ratings have slipped slightly the past week