The grains are trading lower in the overnight session with corn declining 1 ½ cents, soybeans down 3 ¾ cents and wheat trading 5 cents lower going into this morning’s pause. The U.S. dollar is up again this morning increasing over ½ a percent in the overnight session. This morning at 11 AM CST the USDA will release their March Supply and Demand Report.
Analysts are not expecting this report to bring a significant surprise to the market. In a Reuter’s poll of 20 analysts the average guess for corn ending stocks was 1.826 billion bushels which would be a slight decline from the 1.827 million bushels in the February WASDE report. The average trade guess for soybean ending stocks was 376 million bushels, down 9 million bushels from February. The average analyst guess expects wheat ending stocks to rise by 7 million bushels to 699 million metric tons.
This morning Brazil’s government crop agency cut 14/15 soybean production forecasts to 93.3 million metric tons down from 94.6 million metric tons reported in February. The most recent USDA forecast pegs Brazilian production at 94.5 MMT. Conab also revised expected corn production lower to 78.2 million metric tons from 78.4 in its February report.
Export inspections were average for soybeans this week reporting that 625,713 metric tons were inspected for export, down from 650,667 last week. Corn reported 1,180,686 metric tons, down 8 percent from the previous week but still beating analyst expectations which ranged from 900,000-1,100,000 MT. Wheat recorded 376,210 metric tons inspected for shipment this week which was on the low side of analyst expectations.
