April showers bring May flowers and puts a halt to field work that we all enjoyed last week. Corn had a lackluster day finishing up 3/4 cent, soybeans up 8 1/2, and wheat up a dime. The markets will be watching weather forecasts which look to be drier and cooler starting Thursday for most of the corn belt. The monthly USDA S&D out Friday should paint a bearish picture with last Wednesday's quarterly report numbers. Corn carryout is projected to continue drifting toward 2.0 billion bushels with a sharp reduction in feed use estimates. Chatter of N. and S. Dakota showing better yield results should also hamper upwards prices. Corn planting progress as of Sunday night shows Missouri at 1% vs 8% avg, with Arkansas, Mississippi, and Alabama all behind normal.
Soybeans up today in light volume trade with positions being evened up ahead of Friday's report. Argentina's government estimating their crop at 55 mmt, up 2 mmt over the current USDA report and TWICE as much as last year!
Scott Meyer
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