Good morning,

Corn is up 2 and soybeans are up 18 to open the day as traders await the 11am crop report. Estimates for today’s report are listed below.

USDA 2022/23 US Carryout (billion bushels)

USDA 2022/23 World Carryout (million tonnes)

Corn planting progress came in at 3% complete yesterday afternoon, up from 2% last week, last year, and on average. Spring wheat plantings were initially reported at 1% complete, down from 6% last year and 4% on average. Winter wheat heading rose just a point to 7%, still ahead of 5% LY and 4% on average, with ratings of the crop down a point this week to 27% good/ excellent, below 32% last year and the 47% 5YA figure.  These are the worst ratings for hard wheat from back to 1996.

Have a safe day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

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 7^th.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Grain markets opened higher this morning with corn currently up 4, soybeans up 14 and wheat up 5.

As for the USDA crop report on Friday the bean and corn stocks both came in bullish.  The smaller stocks were likely due to smaller crops instead of increased demand.  The acres report brought back about 6 million acres of production into the planting figure.  Corn acres were almost 92 million, beans at 87.5 million and all wheat at 49.855 million.  Soybeans are the same as last year, while wheat and corn acres are up.  We have struggled with preventative plant the last few years, and these are the missing acres that want to come back to corn and wheat. None of this is surprising and most anyone would have guessed as much.  Now it’s a question of whether these acres can get planted.  The Delta has been wet and the North has been cold and snowy.  For what it’s worth these acres forecast would have a new crop carryout of about 1,800 million bushels in corn, 200 million in beans and 575 million in wheat.

OPEC announced that they will cut oil production back by 1.16 million barrels a day.  This is the largest price movement in a year in crude oil and the cut was not expected.  Biden is obviously not happy about the change as the US has released the vast majority of the strategic reserve.  Petroleum reserves are the lowest since the 80’s and add up to only 19 days of use.

Reminder there will be no markets on Friday April 7^th.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Report Day!! Today is the big day for the March Planting Intentions Report.  This report has created some strong moves in the market on the day of and the week after.  Believe it or not, this report has been bullish for corn more often than not.  The stocks report is also a driver as the USDA measures how fast corn, soy and wheat use.

As for acres, I think we see a close to 50/50 split between corn and bean acres.  I think this is what the survey will say, not actually the way it will turn out.  There have been prevent plant acres for corn that are going to find a way back into production.  Also, it seems like inputs are easier to get and are more affordable.  Many producers think they have a better chance to make money growing corn.  I think the final number for corn will end up being larger than today’s figures baring good planting weather.

US Planted Acres (million acres)

March 1^st Stocks (million bushels)

Check back after 11:00 am for the numbers.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Overnight corn and wheat were up 2 and soybeans were up 1.

It feels like the markets are in the pre-report ‘wait and see’ mode ahead of tomorrow’s report. Pre report estimates are listed below. There will be a lot of data to digest tomorrow so it is hard to say what is the most important. Acres are likely to change one way or another from tomorrows estimate so they may not carry as much weight as Stocks. It doesn’t take much prevent plant to tighten the balance sheets and with snowpack in the northern plains we may see more than the trade is expecting. March 1^st stocks will be my focus as I look to see what the producer has moved over the last few months as prices have been historically decent but declining due to the lack of demand.

US Planted Acres (million acres)

March 1 Stocks (million bushels)

Report days can be quiet or very volatile for the markets. I have seen many report days where the market spikes higher or lower for a short period following the release of numbers only to trade back to unchanged once traders have digested the numbers. My advice heading into the report is to have any old crop sold that you need to move over the next couple months and have 25-40% of your new crop sold. With current old crop prices in the $6.40-$6.50 range and new crop prices in the 5.50-5.70 range there is money to be made, don’t miss out. In addition to sales, be sure to have firm offers in with your buyers to capture any short spike we may see. Give us a call today to discuss!

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com