April WASDE

Corn finished 10 cents higher yesterday while soybeans were 5 cents lower in May but unchanged farther back. Overnight that switched with soybeans up 8 cents and corn is flat. We have the April WASDE report today at 11 AM which is expected to give us tighter US balance sheets considering the tighter than expected stocks from last month. World stockpiles are to be tighter as well but not due to Brazil. They have big crops that look to be getting bigger, but will USDA add to their estimates today or wait until later reports? Corn and soybeans have bounced out of last week’s lows as funds have got back to buying and we will see if today’s numbers give them pause or will weather unknowns build more risk premium in the market. For today, we will use 6.42 & 14.85 for support and 6.58 & 15.05 as resistance. NFC Grain Comments Options -4.11.23