Old/New Corn Spreads Unwind in Active Volume; USDA Reports SRW Export Sale to Unknown (China?); China Rumored to Have Booked New Crop US Corn

Bull spread (old vs new crop) liquidation in corn along with modest fund buying in soybeans and Chicago wheat has produced mixed valuations at midday.  The volume of CBOT trade is being restricted by holidays in the EU and China, but there is a sense of improving volume and new speculative buying heading into USDA’s…

USDA March Stocks/Seeding Report a Bullish Shocker; Corn/Soybeans Limit Up on Bullish 2021/22 Balance Sheets; US Corn Feed/Residual Too Low

AgResource March Stocks/Seeding Analysis: The USDA Stocks/Seeding Report was bullish with 2021 US corn and soybean seedings well below trade estimates. This creates a need for the marketplace to secure/buy additional acres this spring. Moreover, March 1st US corn stocks were 100 Mil Bu less than expectations which creates the need for WASDE to raise…

CBT Takes a Lashing on Pre Report Liquidation as Cash Market Basis Holds;CONAB To Survey Brazilian Wheat Stocks in April; Funds Massive Sellers this AM

Moving to the Orders at Midday: CBOT futures are sharply lower at midday with May corn sliding below $5.35, while May soybeans drop to $13.70 and May Chi wheat to $6.00. Trade volume is moderate which has helped to exacerbate the downward slide as fund managers take off length heading into the end of the…