Written Commentary
Ag Market View for Apr 26.24
April 26, 2024
CORN
CK was up 15 cents and near 4.42. Range has been 4.26-4.43.USDA estimated US 2024 corn acres at 90.0 vs Ag forum 91.0 and 94.6 ly. USDA also estimated US March 1 corn stocks at 8,350 mil bu vs 8.427 expected and 7,206 ly. US farmers could add to cash sales closer to 4.50 CK. Weekly US corn export sales were 1,210 last week. Total commit is near 42.9 mmt vs 35.9 ly. Now we trade weather with less stocks, less acres and funds short.
SOYBEANS
SK was down 1 cent and near 11.91. SK is resting above moving average support near 11.92 and then 11.80. USDA will estimated US March 1 soybean stocks at 1,850 mil bu vs 1,828 expected and 1.687 ly. USDA also estimated US 2024 acres at 86.5 mil vs 86.5 expected and 83.6 ly. Weekly US soybean export sales were 264 mt. Total commit is near 40.3 mmt vs 49.7 ly. Weekly US soymeal export sales were 127 mt. Total commit is near 10.2 mmt vs 8.7 ly. Now we trade US weather with more 2024 acres and funds short.
WHEAT
WK is 14 cents higher and near 5.61. US plains is dry but HRW crop ratings remain above last year. USDA is estimated US 2024 all wheat acres at 47.5 mil vs 47.3 expected and 49.6 ly. USDA estimated US March 1 wheat stocks at 1,090 mil bu vs 1,044 expected and 941 ly. Weekly US wheat export sales were 339 mt vs snf higher than expected. Total commit is 18.7 mmt vs 17.9 ly. Now we trade 2024 weather with lower US acres and funds short.
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