Grains are lower at midday:
May Corn – 13 ¼ cents/bu (7.39 ¾ )
May Soybeans – 6 ½ cents/bu (16.83 ¼ )
May Chi Wheat – 85 cents/bu (12.01 ½ )
Cdn $ +0.00435 (78.005 cents)
WTI Crude Oil – 8.38/barrel (115.32)
The USDA released their March Supply and Demand reports at noon ET today, with the markets not reacting too violently to the data. At 11:59 am, May corn was trading down 11 ½ cents/bu, May soybeans were up 15 cents/bu, and May Chicago wheat was down 83 cents/bu. AT time of writing this update, corn and wheat are in basically the same price range, while beans have recently moved slightly negative.
Highlights of the USDA report included:
- Raised USA exports of old crop corn by 75 million bushels, and raised ethanol usage by 25 million bushels
- Raised USDA exports of old crop soybeans by 40 million bushels
- LOWERED USDA exports of old crop wheat by 10 million bushels
- Cut Argentine corn production by 1 million tonnes and soybean production by 1.5 million tonnes
- Cut Brazilian soybean production by 7 million tonnes, but left corn production unchanged
- On the demand side, USDA cut global soybean crushing by 5 million tonnes