Grain Express 04/26/22
Posted: April 26, 2022, 8:07 a.m.
Corn (July)
Fundamentals: Corn futures are higher in the overnight/early morning trade, following the weekly Crop Progress report which showed U.S. planting at just 7% complete, 2% below the average estimate and the slowest pace since 2013. Weekly export inspections came in at 1,650,844 metric tons, at the upper end of expectations. We sent out an update yesterday afternoon regarding daily trading limits. Starting May 1st (Sunday night), daily trading limits go from 35 cents to 50 cents.
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Soybeans (July)
Fundamentals: Soybeans were weaker to start the week but are recovering in the overnight and early morning session. Yesterday’s Crop Progress report showed soybeans are 3% planted, in line with expectations and 2% behind the 5-year average pace. Weekly export inspections came in at 602,178 metric tons, at the low end of estimates. We sent out an update yesterday afternoon regarding daily trading limits. Starting May 1st (Sunday night), daily trading limits go from 90 cents to $1.15 cents.
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Wheat (July)
Fundamentals: Wheat is higher this morning, recovering losses from the previous three sessions, taking prices back near the psychologically significant $11.00 market. Yesterday’s Crop Progress report showed spring wheat is 13% planted, 2% behind average pace. Winter wheat conditions were at 27% good/excellent, a bigger decline than expected. Yesterday’s weekly export inspections came in at 287,997 metric tons, below the low end of estimates. Starting May 1st (Sunday night), daily trading limits for wheat contract to 70 cents, from 85 cents.
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