Markets shake off a neutral to bearish WASDE report

Corn and wheat are higher overnight while soybeans are lower. The markets were strong all day on Friday and almost instantly shook off Friday’s neutral to bearish WASDE report. The corn and wheat had the most bearish news on the surface. The world corn ending stocks rose by 4.5 MMT which is exactly what they lowered Ukraine’s corn exports. They raised the domestic wheat carryout due to lower exports and feeding assumptions. They also raised Brazilian corn by 2 MMT which will be something we keep our eye on as weather has turned dry in N Brazil. Domestically we look to weather in the corn belt and it is wet and cool again this week with a blizzard forecasted for the N Plains mid-week. Watch last night’s lows for 1st support as we look for supportive markets to start the week. NFC Grain Comments 4.11.22 (1)