Trade has been pretty quiet so far this morning as worldwide COVID resurgence fears are tempering bullish enthusiasm the past few days. The weekly export inspections were out yesterday at 77Mln corn and 18Mln beans. The current marketing year-to-date inspection totals are 1.259Bln corn and 1.970Bln beans.
The Chinese Ministry of Rural Ag Affairs confirmed that over 9Mln sows have been lost in the recent ASF outbreak, confirming what private reports have been saying for several weeks.
Soymeal is at three-month lows as soy oil has rallied and is carrying the load for the soy crush margin. The biggest driver in soy oil has been renewable diesel demand coming into the market.
The March 31 quarterly grain stocks and intended acreage report is quickly approaching. Average trade range estimates on acres are 92–94Mln corn and 88–90Mln beans.
Wheat prices have been trending lower the past two weeks on good weather in the U.S. plains. This is also narrowing the wheat/corn spread and could allow wheat feeding to displace corn in hog/cattle rations in the southern plains.
Beans: steady to up 2c