TFM Morning Update 04-05-2024


  • Corn is trading higher this morning as prices try to battle back after a poor start to the week. Export sales reported yesterday for corn were near the lower end of expectations, but export shipments posted a new marketing-year high.
  • US corn exports in February were strong at 211 million bushels, up 64% from last February and 14% above the 5-year average.
  • Extended outlooks into late April appear promising for US corn planting to make strong early progress after the last few weeks of wet weather.


  • Soybeans are trading slightly higher this morning along with the rest of the grain complex as prices try to build some strength into the end of the week.
  • Palm oil futures retreated Friday on suspected profit-taking after trading to new contract highs earlier this week.
  • Soybean harvest is just underway in Argentina but showers this weekend and into next week will likely hinder early harvest progress but help to finish late maturing crops.


  • All three wheat classes are higher this morning with front month Chicago wheat testing the 50-day moving average. Front Month Continuous Chicago wheat has not closed above the 50-day since late January.
  • After a dry March, temperatures will continue to be very warm across much of the Black Sea region into mid-April, this will have a negative effect on winter crop development.
  • Ukraine fired more than 40 drones into Russia’s bordering Rostov region according to a Moscow defense official on Friday. The attack appears to be one of the biggest air offensives of the war and reportedly damaged a power substation.


Keegan Madigan

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