Corn futures could not sustain their recent rally and began trickling lower last Tuesday.
Corn export sales continue to trend higher, with 49.1 million bushels in new sales for 2022/23 at the start of April. Despite the uptick, total sales booked are still down some 33 percent YOY, and the trade had actually estimated a larger volume for that week.
Planting of Brazil’s safrinha crop is practically finished; the 2022/23 crop estimate of 125 MMT remains possible, but concerns loom over dryness in May (or sooner). Some corn acreage did end up switched to winter wheat in the drier southern regions, which could also further trim crop expectations.
Another snowstorm hit the northern Plains in the last week of March, but a big warmup is expected in the next weeks, starting the snow melt. Flood risk remains, but fortunately, the next week will see warm temperatures but little to no rain.
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