Morning Comments April 8, 2021

Grain Bins

Grain trading is mixed this morning with corn up 7 and beans a penny lower as we approach tomorrow’s monthly USDA Supply and Demand report. Wheat futures are higher as well, seeing the most buying interest as drought conditions in the Northern Plains see little moisture. Globally, CONAB, Brazil’s equivalent of the USDA, raised its Brazilian corn production forecast to 108.99 MMTs, up from its previous estimate of 108.06 MMTs. Soybean production was raised to 135.54 MMTs, up from the March estimate of 135.1 MMTs. Here in the Midwest, colder than normal weather is still expected across the heart of the Corn Belt next week and into the following week.