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Wednesday, April 10, 2024 2:30:33 PM
The Corn & Ethanol Report
By: Daniel Flynn | April 10, 2024
We kickoff the day with MBA 30-Year Mortgage Rate, MBA Mortgage Applications, MBA Mortgage Market Index, MBA Mortgage Refinance Index, and MBA Purchase Index at 6:00 A.M., Core Inflation Rate MoM & YoY, Inflation Rate MoM & YoY, CPI, and CPI sa at 7:30 A.M., Fed Bowman Speech at 7:45 A.M., Wholesale Inventories at 9:00 A.M., API Energy Stocks at 9:30 A.M., 17-Week Bill Auction at 10:30 A.M., Fed Goolsbee Speech at 11:45 A.M., 10-Year Note Auction at 12:00 P.M., FOMC Minutes and Monthly Budget Statement at 1:00 P.M., and Dairy Products Sales at 2:00 P.M.
Welcome to the 1st day of 2024, when most Midwest farmers can seed corn under the revenue insurance rules. April 10th is often is the 1st day of spring in which wide spread Midwest corn seeding can commence – and weather and soil moisture permitting, from this day forward Midwest farmers will become more active in seeding spring crops. USDA, Brazil CONAB and WASDE will release their April crop estimates tomorrow. Garnering keen attention will be the size of the ’24 Brazilian corn/soybean crops. In March there was an 8.2 MMT’s spread between CONAB and WASDE soybean crop estimates which has a sizable impact on 2-24/25 US soybean export forecasts. It’s the direction of the WASDE Brazilian soybean/corn estimates which key the post report reaction tomorrow. Choppy grain action has prevailed since late February when longer term market lows were scored. Brazil has harvested more than 80% of its soybean crop while world wheat prices are turning upwards. The April USDA reports are unlikely to end the bull & bear debate on South American crop sizes. However, Brazilian soybean fob offers at Paranaqua are rising and positive through August at $.40/Bu over. A year ago, for May shipment Paranaqua soybeans were offered at $1.45 under today’s $.05 over – a big $1.50/Bu difference! As I mentioned before, I expect choppy trade as the bulls & bears duke it out with managed funds reshuffling their large net short position.
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DiscoverGold
By: Daniel Flynn | April 10, 2024
We kickoff the day with MBA 30-Year Mortgage Rate, MBA Mortgage Applications, MBA Mortgage Market Index, MBA Mortgage Refinance Index, and MBA Purchase Index at 6:00 A.M., Core Inflation Rate MoM & YoY, Inflation Rate MoM & YoY, CPI, and CPI sa at 7:30 A.M., Fed Bowman Speech at 7:45 A.M., Wholesale Inventories at 9:00 A.M., API Energy Stocks at 9:30 A.M., 17-Week Bill Auction at 10:30 A.M., Fed Goolsbee Speech at 11:45 A.M., 10-Year Note Auction at 12:00 P.M., FOMC Minutes and Monthly Budget Statement at 1:00 P.M., and Dairy Products Sales at 2:00 P.M.
Welcome to the 1st day of 2024, when most Midwest farmers can seed corn under the revenue insurance rules. April 10th is often is the 1st day of spring in which wide spread Midwest corn seeding can commence – and weather and soil moisture permitting, from this day forward Midwest farmers will become more active in seeding spring crops. USDA, Brazil CONAB and WASDE will release their April crop estimates tomorrow. Garnering keen attention will be the size of the ’24 Brazilian corn/soybean crops. In March there was an 8.2 MMT’s spread between CONAB and WASDE soybean crop estimates which has a sizable impact on 2-24/25 US soybean export forecasts. It’s the direction of the WASDE Brazilian soybean/corn estimates which key the post report reaction tomorrow. Choppy grain action has prevailed since late February when longer term market lows were scored. Brazil has harvested more than 80% of its soybean crop while world wheat prices are turning upwards. The April USDA reports are unlikely to end the bull & bear debate on South American crop sizes. However, Brazilian soybean fob offers at Paranaqua are rising and positive through August at $.40/Bu over. A year ago, for May shipment Paranaqua soybeans were offered at $1.45 under today’s $.05 over – a big $1.50/Bu difference! As I mentioned before, I expect choppy trade as the bulls & bears duke it out with managed funds reshuffling their large net short position.
Read Full Story »»»
DiscoverGold
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