Corn is trading higher this morning with the May contract now pressing up against the 100-day moving average. With no fresh tariff news and optimism that agreements can be reached, grains are moving higher.
Yesterday afternoon, the USDA released its first Crop Progress report of the year. It was shown that 2% of the corn crop is planted which was in line from expectations but down 3% from a year ago at this time.
Yesterday, export inspections showed 1,583k tons of corn inspected which compared to 1,647k last week and 1,465k tons the year before. Primary destinations were to Mexico, Japan, and South Korea.
Soybeans are trading higher with the May contract rebounding from yesterday’s low and nearing the 10-dollar mark once again. Both soybean meal and oil are trading higher as well as traders are hopeful that better trade agreements can be reached.
According to AgRurual, the Brazilian soybean harvest is 87% complete as of April 3 which compares to 82% the previous week and 78% at this same time last year. The southern regions have made faster progress.
Yesterday’s export inspections report saw soybean inspections at 804k tons which compared to 813k the previous week and 492k tons a year ago. Primary destinations were to China, Egypt, and Mexico.
All three wheat classes are trading higher this morning after posting solid gains yesterday as well. All grains are trading higher along with a significant rebound in equity markets so far today.
Yesterday’s Crop Progress showed spring wheat at 3% planted which is on par with a year ago. Winter wheat was rated 48% good to excellent which was in line with trade estimates but was down from 55% in late November. 5% on the crop is headed.
Yesterdays inspections report saw 335k tons of wheat inspected for export which compared to 813k the previous week and 492k tons a year ago. Primary destinations were to Mexico, Japan, and the Philippines.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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