MarketEdge PM Comments

Soybeans open the new week piggybacking off strength from Friday with the nearby contract closing at the highest level since March 6^th trading above the 20, 50, 100, and 200-day moving averages throughout the entirety on the days trade. Corn was a different story, opening higher and trading up as much as 8 cents only to ultimately close down 2 ¾.

• Brazilian soybean exports were a record for the month of March ta 13.271 mmt and corn was the largest since 2016.
• US corn exports last week totaled 43.2 million bushels, well above last weeks figure and right in line with the needed 42.6 million bushel/ week needed.
• US soybean exports last week were 18.3 million bushels, within expectations and above the pace needed of 12.5 million bushels/ week. Total unshipped purchases to China stand at 32.7 million bushels vs. 79.7 million at this time last year.
• The first US weekly crop progress report of the year out today puts Winter Wheat conditions at 28% G/E, worse than the expected 31%. We also saw corn planting progress at 2% complete, inline with expectations  and exactly at the 5-year average as well as last year’s pace.