Corn Morning Update & Commentary: Wet second half of April for Brazil?
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\">Corn Morning Update & Commentary:<br><br id=\"isPasted\">Overnight, corn futures were mostly a little better, finishing steady to one cent better by the morning pause. Outside markets are quiet to start, and we do not see much market-moving news around the grains. Technically, the market is trying to work off an overbought stance after an impressive week prior? Net/net, weather is likely helping some, as model runs suggest a wet end to April for much of Brazil, which would be just what the doctor ordered for safrinha corn. Back at home, the 6-10 & 8-14 day maps lean warm/wet, which should help planters roll in the west, but the inundated east and south could struggle? For their part, the USDA reflected these issues somewhat, pegging national corn planting progress at just 4% complete, lagging last year and average by 1-2%. Texas’s 63% planted accounts for much of the progress to date? There was another 8 AM sale today, making it two days in a row following a long drought; 110,000 metric tons of corn booked to Portugal. Other export news remains very quiet; China and U.S. continue to trade body blows in the tariff tussle, the former cancelling some jets from Boeing?<br> <br>After a banner week, the corn market took a small breather. Old crop futures finished Monday around five cents lower, while new crop positions ended 1-2 cents lower. We estimate Managed Money is net long roughly 95,000 delta-adjusted contracts. Cash trade leaned easier as the recent rally yielded some farm selling. The weekly grain inspections report maintained a strong shipment pace for corn. For the week ended 4/10, U.S. exporters shipped 1.829 million metric tons (mmt) of corn, up from 1.613 the prior week, and 1.365 last year. Destinations were widely varied; the lion’s share was to traditional customers. Year-to-date inspections move to 37.51 mmt, which is greater than the prior year pace of 28.75 mmt. End-user markets were mostly firm to start the week. Note that markets are closed Friday for holiday; monthly Cattle on Feed data will be bumped up to Thursday afternoon. Ethanol margins gained back some ground Monday; industry margins were little better than breakeven to close out last week; now roughly 5 c/gal profitable, including all costs?<br> <br> <br>QT News - Top News<br> <br>**USDA reported private sale of 110,000 mt of Corn to Portugual for the 24/25 MY<br> <br> <br> <br>-- French Farms Ministry on Tuesday updated their 2025 Winter Barley harvest area to 1.22 million hectares from the previous forecast at 1.21 mln ha.<br> <br>-- On Tuesday, Germany's ag ministry said the World Animal Health Organization declared the whole country free of foot-and-mouth disease. Most of the country had been declared of the disease since middle of March, except for a small area around the containment region after a water buffalo had tested positive back in January.<br> <br> <br> <br>Weekly USDA Crop Report Recap<br> <br>USDA weekly crop progress report: Corn planting progress at 4% complete compared to last week's 2% and year ago week 6%<br>USDA weekly crop progress report: Sorghum planting progress at 15% complete compared to last week's 13% and year ago week 14%<br> <br> <br>Pending Tenders<br> <br>-- Pending Tender: On Thursday (4/10), Jordan's state grain buyer set April 16th as the offer deadline in a tender seeking 120,000 mt of feed Barley. The grain is for shipment between Aug 1 through Sep 30th.<br> <br> <br> <br>-- Euronext Paris June corn futures on Tuesday are trading +0.25 euro higher at 205.25 euros/mt<br> <br>-- Dalian July corn futures on Tuesday traded -16 yuan lower ending at 2,300 yuan/mt<br><br>KJ</div>