Pre report estimates placed corn exports at 400,000 to 650,000 metric tons. Japan and South Korea were key buyers. Soybean exports came in near the high end of expectations at 294,100 metric tons. U.S. wheat exports, at 215,700 metric tons, were near the low end of expectations. General Comments With U.S. commodity prices stuck in a very narrow trading range, there are a few factors that continue making the case for waiting to see what happens before advancing new crop corn, soybean, and wheat sales.
Today marks the third and final day of the Kansas wheat tour.
This may bode well for wheat prices, however, one has to consider that most of this news has been factored into wheat prices. Wet weather is likely to delay corn plantings in the western and northern Corn Belt, yet that one is still too early to call. Being only May 3rd, there is still time to get the western and northern portions of the Corn Belt dried out and the crop planted. Disease pressure continues to be low due to the dry weather and low humidity. Some powdery mildew continues to be present.