Morning Comments – April 10th

Headlines

  • WASDE report scheduled for 11 AM CST

  • Wheat conditions decline from LW.

  • Perdue says farmers will be protected.

  • Exporters sell 120,000 MT of Soybeans for delivery to Argentina during the 2018/2019 marketing year.-USDA

  • Exporters sell 132,000 MT of Soybeans for delivery to China during the 2018/2019 marketing year.-USDA

  • Exporters sell 279,000 MT of Soybeans for delivery to unknown destinations during the 2017/2018 marketing year.-USDA

April WASDE Report Expectations

  • Analysts are expecting corn, soybean and wheat ending stocks to increase from the March WASDE report.

  • Argentina soybean and corn production estimates are expected to be revised lower due to to unfavorable growing conditions.

  • Brazil soybean production expected to be revised higher.

U.S. Ending Stock Estimates (*in billion bu.)

Avg. Est.

Range of Est.

March WASDE

Corn

2.189

2.067-2.265

2.127

Soybeans

0.574

0.545-0.625

0.555

Wheat

1.036

0.989-1.060

1.034

Global Ending Stock Estimates (*in million metric tons)

Avg. Est.

Range of Est.

March WASDE

Corn

197.29

191.50-202.00

199.17

Soybeans

92.95

91.00-96.00

94.40

Wheat

268.16

266.50-270.00

268.89

South American Corn (*in million metric tons)

Avg. Est.

Range of Est.

March WASDE

Argentina

33.74

32.00-36.00

36.00

Brazil

92.71

86.46-96.00

94.50

South American Soybean (*in million metric tons)

Avg. Est.

Range of Est.

March WASDE

Argentina

42.66

40.50-46.00

47.00

Brazil

115.25

113.30-117.00

113.00

Crop Conditions Report

  • Corn planting is 2% complete nationally.

  • Missouri corn is only 1% complete compared to a four year avg. of 7% complete.

  • Winter wheat rated 30% G/E, down from 32% LW.

  • Winter wheat rated 35% P/VP, up from 31% LW.

Farmers will be protected by Trump

  • The Agriculture Secretary said on Monday that U.S. farmers will be protected by the Trump administration as rising trade tensions threaten the ag economy.

  • No details were given by Secretary Perdue, but White House spokeswoman Sarah Sanders said on Monday that the Trump Administration will present a plan shortly.

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