Grain markets all closed higher today ahead of the long weekend. Major takeaways from today’s WASDE report:

  • US corn ending stocks are raised 200 mil bu to 2.092 billion bushels. A 150-mil bu increase in feed/residual partially offset a 375-million bushel decrease in ethanol demand. “Buy the rumor, sell the fact” or in this case, sell the rumor & buy the fact…
  • US soybean ending stocks are raised 55 mil bushels with increase in domestic crush not enough to offset slack export demand. Just when we seemed to be making progress on trade talks, COVID-19 hit…
  • Cuts to South American soybean crops: Argentina cut 2 million tonnes and Brazil cut 1.5 million tonnes to 52 & 124.5 mil tonnes–still gigantic, mind you.
  • US wheat ending stocks up 30 million bushels on reduced exports and lower feed/residual. Russian wheat exports cut 1.5 million tonnes reflecting pace to date and recent export cap.

KC wheat led the pack higher today with concerns over dryness in Eastern European and Russian wheat areas and another freeze in the forecast for KS next week. Markets are closed tomorrow.

Wishing you and your loved ones a blessed, healthy, and safe Easter weekend!