The market was disappointed with the WASDE supply/demand report yesterday, as the U.S. corn/bean balance sheets were left unchanged and the Brazilian soybean crop estimate was raised 1MMT. Managed money was a seller on the news. We are left with the March 31 quarterly grain stocks & acreage report to anticipate next. Any bullish news is likely to be in the stocks number, as intended acreage will probably be large. That will be followed by the next monthly supply/demand report on April 9, which will incorporate the stocks report into implied feeding demand.
US weather is overall fair, with HRW wheat areas to get a nice rain this week. The western corn belt could use a nice soaking rain in the next couple of weeks. Corn planting will want to get going in the deep south in the next week or two.
We still have a bull market here, but the lack of any additional bullish news in the report yesterday combined with the lack of any significant new export sales lately has given the market reason to pause amid profit-taking. Weekly export sales will be out tomorrow morning; the last two weeks’ reports have been poor.
Corn: down 4-6c
Beans: down 16-20c