4/7/2021
Chance Scott, Grain Marketing Specialist
April 7th Agtegra Morning Market Insight

Friday’s WASDE will include foreign production in addition to the domestic S&D.

As of 8:00, Corn +3
In Brazil, isolated to scattered thunderstorms continue through today within the northern half of corn, followed by five to seven days of drying. Brazil's second corn yields will fall by an estimated 3.6% this year, as most growers were forced to sow the cereal outside the ideal climate window after delays in the soy harvest.
 
As of 8:00, Beans +4
Bias on weekly U.S. soybean exports over the next month is lowered to 5-15 mbu per week. Overseas estimates for Brazil’s bean crop continue to grow as Celeres took their estimate from 132.6 in February to 135.9 and Agriconsult took their estimate from 132.4 in January to 137.1.
 
As of 8:00, WW +3, SW+4
Overnight tender news was quiet with Thailand again making no purchase in their global wheat tender. Yesterday’s Egyptian results were mostly Russian wheat with a cargo of Ukrainian. Yesterday afternoon’s condition ratings showed winter wheat at 53% good to excellent, down from 62% in last year’s initial ratings though not out of the realm of expectations.