Good morning,
Markets are mixed this morning with corn up 1 and soybeans down 3 to start the day.
The USDA will release their April supply and demand report at 11:00 this morning. The market is not expecting any surprises today. A major factor to watch is the difference between South American production estimates and the USDAs. Report expectations are below.
USDA 2023/24 Carryout (billion bushels)
| USDA April | USDA March | Average Est. | |
| Corn | 2.122 | 2.172 | 2.102 |
| Soybeans | .340 | .315 | .317 |
| Wheat | .698 | .673 | .690 |
USDA 2023/24 World Carryout (Million Tonnes)
| USDA April | USDA March | Average Est. | |
| Corn | 318.28 | 319.63 | 316.72 |
| Soybeans | 114.22 | 114.27 | 113.71 |
| Wheat | 258.27 | 258.83 | 259.14 |
USDA 223/24 South American Production (Million Tonnes)
| USDA April | USDA March | Average Est. | |
| Argentina Corn | 55.00 | 56.0 | 55.60 |
| Argentina Soybeans | 50.00 | 50.0 | 50.48 |
| Brazil Corn | 124.00 | 124.0 | 121.75 |
| Brazil Soybeans | 155.00 | 155.0 | 151.68 |
CONAB lowered their estimate of the Brazilian corn crop to 111.0 MMT (million metric tonne) compared to last years 131.9 MMT. This is well below the USDA’s estimate of 124.0 MMT. They left their estimate of the Brazilian soybean crop at 155.0 MMT vs. 162.0 last year.
The Rosario Grain Exchange lowered their estimate of the Argentina corn crop to 50.5 MMT citing impacts of a disease that is being spread by leafhoppers. It will be interesting to see if the USDA shows this in their report today.
Have a Safe Day!
Garry Gard
920-348-6844
