Grain Express 04/12/22
Posted: April 12, 2022, 8:22 a.m.
There are no flash sales to report, at the time of writing this.
Corn (May)
Fundamentals: There was a flash sale reported yesterday. Private exporters reported sales of 1,020,000 metric tons of corn for delivery to China. Of the total, 680,000 metric tons is for delivery during the 2021/2022 marketing year and 340,000 metric tons is for delivery during the 2022/2023 marketing year. Yesterday’s weekly export inspections came in at 1,418,827 metric tons, within the range of expectations. Yesterday’s Crop Progress report showed U.S. corn planting is 2% complete, unchanged from the previous week and 2% behind estimates. It’s still far too early to get too worked up about meaningful delays.
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Soybeans (May)
Fundamentals: Yesterday’s weekly export inspections came in at 766,232 metric tons, within the range of expectations. Soybeans were lower yesterday as the expansion of Chinese lockdowns hit some commodity markets on concerns of less demand.
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Wheat (May)
Fundamentals: Yesterday’s weekly export inspections came in at 411,012, inline with expectations. Yesterday’s crop progress report showed winter wheat conditions at 32% good/excellent. Spring wheat planting is estimated to be 6% complete.
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