Corn and soybeans closed Friday lower after USDA’s WASDE report showed few surprises, but wheat prices finished higher with ongoing support from this week’s dry weather concerns. The soy complex was under serious selling pressure, while corn, despite the bullish but expected WASDE report, sold off from the morning highs. Wheat gains for the most part remained intact, as world ending stocks fell 6.2 mmt below the average trade estimate on record China wheat for feed consumption.
Friday’s April WASDE report for U.S. ending stocks estimates for 2020-21 was viewed as neutral for corn, soybeans and wheat, with corn stocks revised lower, soybean stocks left unchanged and wheat stocks revised higher from March estimates — all close to expected levels. Global stocks of soybeans were revised higher this month with an increase in the estimated production for Brazil, viewed as bearish overall. Global stocks of wheat and corn were revised lower to levels less than expected in pre-report estimates, viewed as bullish for both crops.
The livestock contracts have had an impressive week but upon Friday’s arrival, the cattle contracts have veered lower and the pace of the markets has slowed considerably to end the week as traders seemed to want to get to the weekend and weren’t concerned about trading. Hogs were fairly strong on the day.
Farm and Ranch Director Jesse Allen has the closing update: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406