Grains
Grains this morning are mostly higher with May corn unch, May soybeans +2,75 (+0.29%), May wheat +0.25 (+0.06%). Grains on Thursday closed lower with May corn at a 1-week low and May wheat at a 3-1/2 month low: May corn -4.0 (-1.11%), May soybeans -3.50 (-0.37%), May wheat -12.75 (-3.04%). Bearish factors included (1) forecasts for warm, dry conditions in the Midwest over the next week, which should allow farmers to speed up the pace of their corn plantings, and (2) improved moisture levels in the Great Plains, which should boost U.S. winter wheat yields. May soybeans fell to a 1-year low last Tuesday after the USDA raised its global 2016/17 soybean production estimate to a record 345.97 MMT and on Mar 31 projected that U.S. soybean acreage this year will be a record 89.5 mln acres. Expectations for a record Brazil soybean crop is another negative for soybeans after researcher Celeres raised its 2016/17 Brazil soybean crop estimate to a record 113.8 MMT from 109.65 MMT. On the positive side, the USDA raised its 2016/17 China soybean import estimate to a record 88 MMT from a Mar estimate of 87 MMT. Chinese soybean demand for soybeans is strong as China's Customs data shows China Jan-Mar soybean imports are up +20% y/y to 19.52 MMT. Monday's USDA weekly Crop Progress report showed 6% of the U.S. corn crop planted as of Apr 16, below the 5-year vg of 9%.