April 2023 Update.
The end of February and beginning of March was tough in the grain markets, but the last few weeks in March have been a nice rebound, giving us about half the downward move back in corn and about 1/3 in soybeans. As we go into April and May the focus will shift to planted acres, planting progress, and weather. Historically, spring is a great time to sell new crop corn and soybeans, so keep a close eye out or let us put some targets in for you.
The past 3 weeks have brought almost daily export corn sale announcements, much needed to achieve the USDA’s export projections. Exports have been lagging and were adjusted slightly lower in the March WASDE, but the other 2 main demand categories of ethanol and feed are relatively stable. There was a slight increase in corn carryout due to the export adjustment mentioned above. Soybean carryout was lowered a touch based off higher exports and strong crush. Inverses in the market continue to strengthen, indicating tight supplies and good demand.
Lots to keep an eye on in the next few months, but hopefully it leads to some good selling opportunities. And hopefully everyone enjoys the warm weather that’s on the way!
Jory Bossuyt
Grain Lead & Merchandising
