The April USDA WASDE Report came out the second week of April following the Quarterly Stocks and Acreage Report at the end of March. Both reports were bearish but opposite on their corn predictions. WASDE is predicting more corn acres in production this growing season, while the Quarterly Stocks and Acreage Report predicted fewer.
Due to the high volume of corn acres expected to be planted this growing season, any weather-related rallies this summer will likely be subdued.
The big speculators in the market are sitting at a record short on corn. They are short 270 contracts, the equivalent of 1.35 billion bushels. They will likely want to buy back more bushels by May to avoid staying at the risk exposure they are currently sitting at.
The U.S. and China announced they plan to meet the week of April 29 with hopes of setting up a new trade agreement by the end of May or the beginning of June. After more than a year of discussions, I think everyone is ready to hear a final plan.