Weaker markets to open the day with corn down 9, soybeans down 10 and wheat unchanged.
The initial U.S. Crop Progress Report for the spring showed winter wheat ratings falling from 34% to 28% good/excellent, down from 30% last year and the 43% five-year average. There is a risk of abandonment in wheat acres if rain doesn’t start to fall. Corn planting matched last year and the 5YA at 2% done.
StoneX Brazil estimated 2022/23 Brazilian soybean production at a record 157.7 MMT this month, up three million tonnes from last month; total corn production rose from 130.6 to 131.3 MMT, despite second-crop corn being down from 100.8 to 100.5 MMT this month.
Snow is falling in the Dakotas and Minnesota with up to a foot expected to be dumped on this region that is already sitting with a historically large snowpack for this time of year. Temps are expected to warm up for the region after the snow event over the next several days. By the end of next week, they are expecting highs in the 70’s. The planting intentions report showed farmers in this area intending to plant more corn, but if conditions hinder planting, we could see a shift to soybeans. Next week’s weather forecast coming true should keep planting intentions unchanged.
Reminder there are no markets on Friday April 7th.
Have a Safe Day!