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Commentary

Grain Commentary By Jeff Thatcher

Friday April 3rd
 
Corn: Mixed
 
The corn market traded both sides of unchanged through the session before finishing mixed.  May futures finished the day nearly 3 cents lower while also making a new low today.  The December contract gained just a penny today as corn spreads were again weaker.  For the week, nearby corn closed lower everyday and posted a loss of over 15 cents with new crop values losing over 13 cents.  Early support came from reports that China had purchased more US corn, but the morning release showed most of the bushels were for new crop.  Corn demand remains the concern as ethanol production was down sharply this week along with record stocks levels.  The energy market did rally late this week on rumors that Russia and Saudi Arabia have talked of decreasing production.  Tuesday’s quarterly stocks report did have a slightly friendly lean with many traders expecting that trend to continue in the June report. 
 
Soybeans: -4 ½ to -1 ½
 
Soybeans also traded both sides of steady today before finishing with modest losses.  Nearby soybeans lost over 4 cents on the day while trading to the lowest levels in 2 weeks.  New crop values fared slightly better, losing just over a penny today after trading within yesterday’s range.  Soybean products were mixed today with meal posting a loss of nearly $6 with soybean oil finishing slightly higher.  May soybeans started the month in poor fashion, losing over 27 cents for the week with the November contract losing 15 cents.  General economic concerns surrounding COVID 19 continue to weigh on soybean along with export reports that show the absence of any China business.  South American crop estimates have fallen to some extent, but not to a level that concerns the trade.