04/09/26 Afternoon CommStock Report – Persian Civilization Survives Another Two Weeks

USDA WASDE Uptakes: With only a few tweaks, USDA used mostly last month’s WASDE numbers in their April update. They will take a more aggressive look ahead in their May report. The 2.127 bln bushel corn and 350 mln bushel soybean carryover projections were unchanged. There was no change in the corn balance sheet and a 35 mln bushel transfer from exports to the crush in soybeans. They increased the wheat carryover by 7 mln bushels to 938 mln. Brazil and Argentina’s corn/soybean production estimates were left unchanged. World ending corn stocks were increased by 2 mmts to 294.8 mmts. World ending soybean stocks were reduced .5 mmt to 124.8 mmts. The biggest change was in world ending stocks of wheat…a 6.1 mmt increase to 283.1 mmts. Back now to the weather and planting prospects. Local cash corn basis has improved 14 cents here since price later contracts were priced in late March. Farmers will be going to the field soon rather than moving corn. More rain is forecast here with warming temps. Soil moisture temps desired for planting should catch up with crop insurance dates (April 10th corn/April 15th soybeans) here by the weekend. High N prices may trim…