4/12/24:  Markets rebounding this morning led by row crops.  Beans up 16 cents corn up 7, corn getting back everything it lost yesterday post report.  Wheat markets all up 5-10 cents after seeing similar losses yesterday.  End of week weather trading likely has markets finishing strong into the close.  USDA reports published yesterday raised ending stocks of both corn and wheat.  Wheat was raised from 673 million bu all stocks in March to 698 million bu now.  The major increase came in spring wheat stocks as they raised those from 177 million bu to 197 million bu month over month.  HRW stocks were lowered from 282 million bu to 277 million bu.  SWW was raised from 74 million bu to 80 million bu.  US corn ending stocks were raised from 2.102 billion bu to 2.122 billion, so essentially unchanged.  World wheat and corn saw moderate stock decreases, but wheat was less than 1 million metric tons and corn was right over 1 million metric tons.  South America numbers for row crops also essentially unchanged.  Not a lot in this report, consider it a neutral report that the market will mostly ignore and get back to trading spring weather.  Biggest takeaway from our desk is a large jump in spring wheat ending stocks should widen out carries and keep a lid on prices.  Wheat exports prior to the report were ugly this morning pre report.  80K MT of old crop wheat scattered across all the classes.  New crop wheat at 274k MT with normal inelastic buyers of HRW SWW and DNS.  Corn sales also were ugly at 325K MT well below expectations main buyers were Japan, Mexico, and South Korea.   

* Please call with BOLS counts for the upcoming wheat harvest.

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