Today corn and soybean futures closed mixed, and wheat was lower. Futures did turn higher as buying interest was evident early in the day session as funds look to square up positions ahead of Friday's USDA report. Friday's report will be the first time we see the US new crop balance sheets. USDA will use trend line yield, and will likely print a large carryout for both corn and soybeans. Yesterday's US crop progress report showed 36% of corn planted vs 40% estimated, and 25% complete for soybeans vs 29% estimated. Statscan released March stock numbers this morning, Ontario corn and soybeans stocks (on farm) were reported lower than last March, reported farm stock for corn was 2,695k MT vs March of 2023 at 3,200, and soybean farm stocks were 515k MT vs 619 last March. |