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