Grain Express 04/05/22
Posted: April 5, 2022, 8:27 p.m.
Corn (May)
Fundamentals: The crop progress reports are under way, which means weather here in the States will begin to carry more weight. Yesterday’s report showed the U.S. corn crop is 2% planted, this is inline with estimates and the historical average planting pace. The big news yesterday morning was a big flash-sale. Private exporters reported sales of 1,084,000 metric tons of corn for delivery to China. Of the total, 676,000 metric tons is for delivery during the 2021/2022 marketing year and 408,000 metric tons is for delivery during the 2022/2023 marketing year. Yesterday’s weekly export inspections came in at 1,528,357 metric tons. A few notches below last week and about 630,000 metric tons below the same week, last year.
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Soybeans (May)
Fundamentals: Soybeans were able to claw back some of last week’s losses, but it seemed to be more related to short covering than underlying fundamental strength. Yesterday’s weekly export inspections came in at 737,372 metric tons, about 100,000 metric tons more than last week and well above the 384,662 metric tons we saw in the same week last year.
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Wheat (May)
Fundamentals: Yesterday’s crop progress report showed winter wheat ratings at 30% good/excellent, 10% below the average estimate and 23% below the same week last year. This has provided a boost to the wheat markets in the overnight and early morning trade. Spring wheat is 3% planted, inline with expectations. Yesterday’s weekly export inspections came in at 297,341 metric tons, about 45,000 metric tons below last week, and well below the 637,275 metric tons we saw for the same week last year.
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