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Traders Await Results of USDA Report Today

In outside markets, stock futures and crude oil were mildly higher while the US dollar made fresh lows.

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Grains were mixed overnight as traders await the results of USDA’s planting and stocks reports at 11 am CDT today. In outside markets, stock futures and crude oil were mildly higher while the US dollar made fresh lows.

Join us at 10:30 am CDT in our live trading room to hear Kevin McNew and discuss the reports and trade action. Goto https://grainhedge.com/live.aspx

Wheat fell hard on Friday thanks to an outlook for rains in the US Plains. The best chance for rain remains in the 11 to 15 day, and some GFS guidance remains more generous in the southwest Plains than some private weather analyst models. However, the precip still misses the southwest 1/3, although rain chances do still improve in late April for the region.

Traders look for USDA’s planting reports to show 90 million acres of corn versus a range of estimates from 89 to 91, while soybean acres are pegged at 83.1 million versus estimates ranging from 81.6-84.2. Wheat is expected to see a 3 million acre drop in plantings and to come in at 51.7 with estimates from 50.7-54.8.

WEEKLY EXPORT SALES

Actual OC Actual NC Expected OC Expected NC

Corn 790 70 800-1,000 0-100

Soybeans 271 90 300-600 75-300

Wheat 317 86 150-350 75-200

The risk of trading futures, hedging, and speculating can be substantial. Grain Hedge is a dba of Foremost Trading LLC (NFA ID: 0307930)

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