Current Markets:
May23 Corn up 7 at $6.56
Dec23 Corn unch at $5.67
May23 Beans up 32 at $15.06
Nov23 Beans up 15 at $13.19
Quarterly Stocks:
Corn 69mil bushel lower than trade guess
Beans 57mil bushel lower than trade guess
Prospective Planting Report: (see below)
92.0 actual vs 90.8 trade guess
87.5 actual vs 88.2 trade guess
Tighter old crop stocks and higher new crop acreage vs what trade was expecting. Quiet report really, trade will shift focus now to mainly US weather. Strong seasonality for corn/soybeans to rally now into April/May/June. Will have more on the report later.
