Mixed markets again overnight as we await April WASDE

Grain markets are mixed again overnight waiting for the 11am release of which is one of the least volatile releases of the year but this year is full of surprises. We be watching for changes in South American production changes and any changes to US exports numbers for last year’s crops. Conab dropped Brazil’s soybean production slightly and bumped corn production 3 MMT so safrina crop looks good. They also cut soybean exports by 3 MMT due to a stronger than expected crush. BAGE left their Argentina numbers unchanged and the USDA needs to lower their numbers for the country. There is concern over frost damage the last week in Argentina as well so those numbers could be trimmed more in the future. There is not much for bearish news out there right now but you always must be concerned when the boat is leaning to one side of the market. Producers need to be diligent with their marketing as we don’t know how much is priced into the market already so any major push higher could be the last before a correction. For today let’s watch the weekly lows in May of 734.5 and 15.76. NFC Grain Comments 4.8.22

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