MAY CORN

May Corn was pulled down to the low end of its monthly trading range by news of possible settlement of the Russia-Ukraine War & a high acreage estimate for the Mar 31 acres-Stocks report at 11am! The avg estimate is 94.165MA (ly-90.594)! The mkt has been locked into a quiet, narrow trading range in anticipation of the report & the April 2 decision on further tariffs! Meanwhile strong exports running 30% over 2024 & high ethanol demand domestically has supported corn on breaks! The tariff sell-off has established US Corn as the cheapest anywhere & exports are flowing as a result!

MAY BEANS

Much like May Corn, May Beans have been confined to a tight range for most of March as the mkt awaits the Mar 31 Acreage/Stocks Report & the Apl 2 Tariffs Resolution! Presidents Trump & Xi are scheduled to meet soon to discuss trade issues! The 3-31 report is expected to reflect 83.76 MA (ly – 87.05)! Dryness persists in central US after a mostly snowless winter & of course would be major if it persists into the planting/growing season! The same applies to the Black Sea crop areas!

MAY WHT

May Wht has broken 25 cents since last week on the high probablilty that the Russian-Ukraine War will be settled into at least a cease-fire – opening up the shipping lanes in the Black Sea! As well, beneficial rains have fallen in the Central Plains! However, Russian Wht Exports have been lowered again to 40.7(42.2)mmt – supporting prices! The upcoming 3-31-25 Report is predicting 46.39MA (ly-46.07). May Wht trading has been subdued lately the mkt anxiously awaits the big 2025 acreage report!

APL CAT

Is it a top or just a correction? Last Friday, the mkt key-reversed in front of the COF Report which came out bullish! Monday the mkt rallied early but closed lower! Tues it spiked lower but closed higher & then higher today off a friendly Cold Storage Report! With the best demand period of the year coming, it feels like only a correction for the Cattle Bull!

APRIL HOGS

April Hogs have been mired in a tight trading range for most of the month with solid demand coming into the barbeque season providing tailwinds & the tariff fears causing strong headwinds! The Qtly Pig Crop is tomorrow at 2pm & next Wed might provide some resolution on the tariffs – both mkt events should provide clarity on the mkt direction!

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