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USDA Report 4/11/24 Yield data was bearish in all categories, USDA leaving South America unchanged with their high yield thoughts. Currently market is short covering, focusing on the lower CONAB yields from this morning.

Argentine and Brazilian crops lowered. This morning’s grain trade is mixed with wheat and soybeans softer, while corn is firm ahead of the WASDE data. Overnight Argentina’s Rosario Grains Exchange cut their 23/24 corn estimate from 57 MMT to 50.5 MMT due to disease (leafhopper). Corn stunt disease, which is a bacterial infection called Spiralplasma…

Wheat leads overnight gains after having lead losses Tuesday. The grain trade this morning is mostly higher, led by Kansas City wheat, as again, now the moisture that was scheduled on the models is nearly eliminated, the chance of precipitation across the Dakotas has been reduced with the moisture for Kansas eliminated through April 25….

Wheat ratings did not decline, leading to overnight price losses. This morning’s grain trade is lower across the board, with wheat prices leading the decline. Yesterday afternoon’s crop ratings showed wheat staying even with last week’s 56% good/excellent compared to 27% a year ago. There is concern over continued dryness in the S Plains along…

The grain trade starts the week out with HRW wheat leading. Grain futures are firmer this morning on low volume, with HRW wheat leading the advance. Dryness in the Plains, Canada, E Ukraine, and Russia prove supportive. Meanwhile, stagnant heavy rain continues in the Delta and E Midwest. Little to no rain is forecasted elsewhere…

Russian export difficulties support wheat and corn. Grain futures are firmer this morning led by the wheat trade. According to Bloomberg, Russia’s Ag watchdog agency was holding up a couple of Egyptian grain ships waiting to export their cargoes. This is said to be connected to TD RIF. This morning, Reuters reported two grain cargoes…

A softer grain trade except for the hard wheat. This morning’s grain trade is softer; after yesterday’s rally, trends are hard to maintain in our slop-chop-pop markets. EU and GFS models have trended a little dryer across the Southern and Western Plains next week, throwing a bit of support into the Kansas wheat trade while…

Soybean oil again leads overnight strength following palm oil. After yesterday’s selloff, this morning’s grain trade is moderately higher by a few pennies. Kansas City wheat reflects a near $0.10 recovery gain as importers use the recent break to finalize some old crop supply coverage. Palm oil gapped higher again last night, throwing support to…

Soybean oil leads to mild soybean strength overnight. This morning’s grain trade is mixed, with soybean oil showing strong gains and supporting soybeans. Palm oil pushed to new yearly highs, and yesterday’s oilseed crush report showed stocks lower than expected. Meanwhile, wheat futures softened as European wheat trading returned, and US wheat crop ratings are…

Spec trade: Buy a Dec corn at the MKT, 474.4 last with a 468 stop. Exit 484.4.