USDA/WASDE April Crop Report

Current Trade:           

Corn:              2 to 3 lower                 ($4.47 - $4.76)                                   

Beans:            1 to 3 higher               ($11.62 - $11.52)                                   

Wheat:           5 to 7 lower                 ($5.75 - $6.16)

First Glance: 

Corn             

25/26 US Corn Stocks:  2.127 BBU (2.102 BBU Estimate)                     

25/26 World Corn Stocks:  294.81 MMT (293.07 MMT Estimate)                     

2026 Argentina Corn Prod: 52 MMT (52.2 MMT Estimate)                     

2026 Brazil Corn Prod: 132 MMT (132.66 MMT Estimate) 

Beans           

25/26 US Bean Stocks:  350 MBU (349 MBU Estimate)                              

25/26 World Bean Stocks:  124.79 MMT (125.51 MMT Estimate)     

2026 Argentina Bean Prod: 48 MMT (48.04 MMT Estimate)     2026 Brazil Bean Prod: 180 MMT (179.84 MMT Estimate)  

Wheat         

25/26 US Wheat Stocks:  938 MBU (923 MBU Estimate)                     

25/26 World Wheat Stocks:  283.12 MBU (277.07 Estimate)

Overview:

Although there was a monthly USDA report released today, it did not figure into the trading direction as the numbers were largely unchanged from the March report and in-line with pre-report estimates. There also was not much news from Iran that forced major moves in the other markets as Tuesday’s 2-week cease fire agreement in principle may not be perfect, but it has calmed the trader’s nerves, for now. The best way to describe every market action today was quiet, nervous volatility as each new tweet or rumor has everyone on edge that the cease fire could end, or a positive development could send prices back toward pre-war levels. Friday’s trade will look like the last three pre-weekend trade as traders decide what to believe and what to doubt and how to position over the 2-day break.The new crop corn and bean charts are settling into lower ranges since Tuesday’s breakthrough, but November beans have held much better as the new and larger EPA bio-fuel mandates continue to support breaks. Corn’s weakness is primarily from a larger than expected USDA planted corn acreage estimate and the great forecast for April planting over most of the Corn Belt and Delta.There is no way there is a straight quiet line to the end of the conflict and re-opening of the Straits, so have your sales orders in with your buyers to take advantage of any surprise overnight rallies.