Morning Market Wire

Thursday April 7, 2022                                               By: Eric Peterson

Corn saw light two sided trade overnight as the July contract traded a six cent range.  December corn finds support at $7.00 with a session low of $7.00.  UkAgroConsult estimated that about 60% of last year’s corn area will be planted, and also have a smaller yield.  Corn production for 22/23 is estimated at 19mmt, down from last year’s 41.87mmt. Look for a quiet trade to start the day with an undertone of weakness. 

Soybeans closed four cents higher this morning after two sided trade overnight.  Technical support for July soybeans is below at $15.73 with resistance at the 10 day moving average of $16.25.  The USDA announced yesterday a sale of 132tmt soybeans to China for 21/22.  Look for some strength to start the day but low volume trade. 

Spring wheat was nearly unchanged this morning after two sided light volume trade.  Wheat export sales were 379.3tmt vs. estimates of 100tmt to 750tmt.  UkAgroConsult estimated Ukraine’s 22/23 wheat production at 19.8mmt down from last year’s 32mmt.  Look for slightly weaker trade today.   

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