Wednesday April 24, 2024

• The corn market worked its way above the 20 and 50 day moving averages on Monday with support yesterday. The last time that these levels were tested was the end of March and they failed to find support.
• Wheat is settling back after a roughly 50-cent rally for the spot May over the last 3 session, with resistance from 100 day moving average. 
• Last week China booked 25 shipments of mostly Brazilian soybeans with some coming from Argentina. U.S origin beans remain in the red and state purchases to refill Chinese national reserves have slowed, most Chinese reserves are being purchased from Argentina. 
• Brazil is dominating China’s corn import market supplying over 75% of the imports this year thus far, Ukrainian being China’s number 2 corn importer. This marketing year, the U.S corn imports to China are down 70% y/y.
• Domestic demand for Canadian corn is being met with no worry, leaving our hopes lying on the export market to help with basis. January and February exports were a small fraction of last years pace.