The Good: Corn markets were down today despite strong corn sales during week ending on April 2. Total corn sales were 1.36 million tonnes during the past week. The sales were eclipsed by corn exports which totaled 1.83 million tonnes. This brought total commitments of U.S. corn to 71.39 million tonnes. which is the largest total on record for week 31. The sales during the past were primarily to Japan (632,400 tonnes), Mexico (202,500 tonnes) and Colombia (177,500 tonnes). Exports were primarily to Mexico, Japan and Colombia. The good for corn is that international corn demand remains very strong for U.S. shipments.
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The Good, Bad & Ugly
The Good: The good news today was that the nearby crude oil dropped by US$14.33 per barrel to settle at US$94.41…
The Bad: Canola futures rebounded today with nearby futures up by C$3.80 per tonne to settle at C$708.70 per tonne. The gains in canola were supported by soybean futures which were up by three cents per bushel. Support also came from soybean oil which posted a 0.4 per cent gain. The bad news is that canola failed to test the lower end of the recent trading range which leaves the contract in a technically weak condition. That is bad news for the canola contract in the coming trading sessions.
The Ugly: Spring wheat had an ugly day with the nearby contract dropping by six cents per bushel to settle at US$6.18 per bushel. This loss also extended to winter wheat contracts which are down during today’s trade. Kansas City and Chicago wheat futures were off by six cents per bushel during today’s session. The losses in wheat over the past two sessions have essentially eliminated the gains posted since the beginning of the war in the Middle East. The wheat situation is likely to remain ugly as the USDA in today’s WASDE report increased ending stocks by seven million bushels to 938 million bushels. World wheat ending stocks were up by over six million tonnes to 283.12 million tonnes. That news was obviously ugly for the wheat markets today.
