CORN: The expiration of May contracts in grain futures is upon us, with first notice tomorrow. This will bring focus to the July contract as the front month now going forward. Focus on weather around the globe is in the spotlight currently, for corn it is finishing the crop season
CORN: The big surprise to traders in last week’s WASDE report for corn was how little USDA trimmed the US corn carryover, and that they left the Argentina corn crop estimates unchanged. Traders were looking for 2.102 billion bushels for corn carry, and USDA came out with 2.122 billion bushels.
CORN: Choppy two-sided trade is expected in the grains as traders position themselves for the upcoming USDA Crop Production and Supply & Demand Reports this Thursday, April 11th. This report will include South America as well as US & Global Ending Stocks. The following are trade estimates for this report:
CORN: Last Friday’s USDA Prospective Planting Intensions Report and the US Quarterly Grain Stocks report were full of surprises. As you chew on this data and put it into perspective, you will see that lower corn acres could potentially see a lower US carryover, unless we have record yields. With
CORN: Thursday is the USDA report where we see the US 24/25 Prospective Planting Intentions acres. Traders are looking for fewer corn acres than last year, as well as slightly fewer acres than the USDA Feb. Outlook conference number. Also keep in mind that acres can shift (after this report)
CORN: We are currently in the time frame of waiting to see how the South American corn crops turn out and for the release of the Prospective Planting Report in the US. This points to potential choppy trade in corn futures. The following are areas to pay attention to: Weather
CORN: The recent USDA report proved to be another scratch in terms of making any significant changes to South America or the world spreadsheets. Traders are less likely to assume there will be measurable data changes until late season or even after the fact when USDA needs to adjust their
CORN: Some weather forecasters are leaning toward dry weather for South America in March, with their monsoon possibly ending a bit early. If realized, this could be concerning for the safrinha corn crop getting started in Brazil. Traders and importers are aware of the calendar, which seasonally the grains tend
CORN: This week is setting up for potential volatility with several key countries in the global markets on holiday, along with the USDA Ag Outlook Forum later in the week. The Chinese and well as several Asian grain markets are closed for their Lunar New Year holiday, and the South
