AgResource Midday Commentary; Ukraine Export Corrdior Talks to Continue on Tuesday; Central US weather is cold with limited Rain for the Plains; NOPA Reports Record March Crush Rate of 185 Mil Bu.

Black Sea Grain Export Corridor Closing; Central US Weather Cold, China Imports a Record Number of Brazilian Soybeans in March/April; CBOT futures have been pushing upwards with the complex providing the bullish leadership. Corn/Chi wheat have been following soy gains with KC wheat trading slightly in the red on Friday’s rainfall that aided the eastern…

ARC Midday Commentary; China Buys More US Corn – Does China Know that the Ukraine Grain Corridor Will be Closed? Frost/Snow Follow Summer Heat in NW Midwest; Central Plains Drought Worsens

Another Reversal of Prior Day Intermarket Spreads: CBOT futures are mixed at midday with the grains higher while soybean/soy product price sag. It has been back and forth morning with corn showing independent strength due to strong cash markets. And China booked additional 382,000 MTs of US corn for old and new crop which ARC…

AgResource Midday Commentary; China Buys US Old/New Crop Corn; Midday GFS has Limited Rain for NE/KS next 10 Days; Brazilian Soybean Basis Bottoming?

CBOT futures are mixed at midday with soymeal higher while wheat futures sag on the EU model’s forecast of rain for Kansas/Nebraska next week. Corn and soybean futures are caught in between and trading both sides. Funds were aggressive sellers of wheat from the onset which has tugged corn/soybeans off their early highs. Everyone wants…

AgResource Midday Commentary; Bull Spreads Rule on Cash Strength and Forward Chicago Wheat Roll; Snows Again for IA/MN this Weekend; China Swaps for US Soybeans from Argentina

CBOT futures are mostly higher with soyoil being dragged to the downside on oil share spread unwinding. Strong cash basis bids are underpinning nearby May corn/soybean futures while wheat values rise on the potential closure of the Black Sea export corridor and the deepening drought across the C and S Plains. The market has been…

AgResource Midday Commentary; WASDE Disappoints and Says Low Trust in NASS Stocks Data with No Change in US Corn/Soybean End Stocks; US Wheat Stocks Raised on Feed Cut; US Cash Markets Stay Strong

The USDA April Crop Report held little market fanfare with WASDE holding US 2022/23 corn/soybean stocks steady with March, while raising US wheat end stocks by 30 Mil Bu to 598 Mil Bu. WASDE was willing to lower the US wheat feeding rate by 25 Mil Bu and increase imports by 5 Mil Bu, but…