Good morning,
Markets are quiet to start the day with both corn and soybeans off a ½ cent.
US weather is turning warmer and drier which will aid planting progress across as producers head to the fields. This afternoon planting progress should show minimal progress with last week’s cool and wet weather.
The USDA will be out with an S and D report on Thursday as will CONAB.
These are the early estimates for the crop report.
USDA 2023/24 Carryout (billion bushels)
| USDA April | USDA March | Average Est. | |
| Corn | 2.172 | 2.102 | |
| Soybeans | .315 | .317 | |
| Wheat | .673 | .690 |
USDA 2023/24 World Carryout (million tonnes)
| USDA April | USDA March | Average Est. | |
| Corn | 319.63 | 316.72 | |
| Soybeans | 114.27 | 113.71 | |
| Wheat | 258.83 | 259.14 |
USDA 2023/24 South American Production (million tonnes)
| USDA April | USDA March | Average Est. | |
| Argentina Corn | 56.0 | 55.60 | |
| Argentina Soybeans | 50.0 | 50.48 | |
| Brazil Corn | 124.0 | 121.75 | |
| Brazil Soybeans | 155.0 | 151.68 |
The Buenos Aires Grains Exchange on Friday cut their 2023/24 Argentine corn production estimate, from 54 to 52 MMT, due to disease damage. 11% of the crop has been harvested thus far. Soybean output was steady at 52.5 MMT, with 2% of that crop harvested.
Have a Safe Day!
Garry Gard
920-348-6844
