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Contrary to popular belief, the corn market can actually rally.  Now, if we can sustain this morning’s strength into the close today, and dare I even say it, extend for a second day, is yet to be determined but, it is nice to witness even this minor bounce after two weeks of relentless selling.  Not unlike happening upon a bad accident, it is difficult to look away from the corn market at this time, particularly if you still have unpriced old crop corn, but I would suggest again to consult lawyers for traffic accidents charges in case of auto accidents , that may be the best thing you can do at this time or you can even ask the person nearby to contact auto injury lawyers as they can help you in claiming the insurance and compensation for the injuries incurred.If you are injured after a fall then you can consult attorney for claiming compensation. The corn market is on a two-fold mission. First, to reflect the demand destruction that has been occurring in the ethanol sector, which realistically pre-dates COVID-19, and second, it is doing all it can to discourage U.S. farmers from planting the kind of acreages that the USDA said they would last week. In both cases, it seems to be doing a rather exhaustive and exhausting job of it. That said, as is typical in any bear market, we reach a point where the sentiment becomes so overwhelmingly bearish that the trade can only hear and see bearish news, and once that is the case, you press too far.  This is the phase I believe we have descended into.  We could wallow around down in the range for another few weeks or so, but keep in mind that market bottom always occurs when everything looks the most hopeless.  You almost hate to say it, but the old adage is still correct; the best cure for low prices is low prices.

The Brazilian bean harvest has moved into the final stretch and is estimated to be 86% complete as of last weekend.  This is now 6% ahead of average and even 1% ahead of last year.  While this will have turned out to be a large crop, fewer and fewer are predicting a new record.  Yields in the state of Rio Grande do Sul have been very disappointing (58% harvested), enough so that Dr. Cordonnier lowered his estimate another 1 MMT this week to 121 MMT. Many private estimates range between 120 and 124.  Conab will issue updates on Thursday, ahead of the USDA.  Last month the USDA had the crop pegged at 126 MMT.  In Argentina, too much moisture has continued to create problems, and bean harvest has reached just 8% complete, compared with an average of nearly 10%.  Dr. Cordonnier lowered his estimate for bean production in this county by 1 MMT this week as well.  Corn harvest has moved along a little better, though, reaching 22% complete, compared with an average of 17%.

In France, it is estimated that the area planted to soft wheat this year will be down 8%.  At 4.6 million hectares, this would be the lowest in 17 years.

The USDA released the first crop rating for winter wheat yesterday and ranked the crop 62% good/excellent.  This is about the same condition as a year ago.  Sorghum planted has reached 15% complete, 1% ahead of last year, oats are 26% planted, the same as a year ago and cotton 7% compared with last year at 5%.

For now, the only other thing we have to look forward to this week will be the April production and supply/demand estimates. Here are some pre-report trade figures; Domestic corn ending stocks of 2.004 billion, compared with 1.892 last month—beans at 430 million versus 425 in March and what at 940 million, which would be unchanged.  Looking at South American production, the average estimate for Brazilian beans stands at 123.88 MMT, down from 126 last month and corn at 100.56 instead of 101.  For Argentina, the average bean estimate is 52.49 MMT versus 54 in March and corn at 49.6 compared with 50.  Finally, for world ending stocks, the trade is expecting a corn figure of 298.5 MMT up, 1.16, Beans at 101.1 MMT, down 1.34, and wheat at 287.37, up .23 MMT.