The April WASDE reminded the market of the heavy foundation.

The new USDA report was neutral for soybeans and corn but sent a bearish signal to the wheat segment, surprising the market with higher supplies both in the U.S. and globally. The March WASDE report did not bring any substantial surprises – the balances of wheat, corn, and soybeans remained close to market expectations. The USDA maintains a cautious tone in the WASDE report, leading to a limited effect on the grain markets, but with stronger pressure on wheat, the USDA surprised the market with larger supplies and record yields in the January WASDE report. Immediately after its release, the corn and soybean futures on the CBOT reported serious losses. The combination of lower export tariffs in Argentina and higher production forecasts from the USDA kept both the grain and oilseed markets under tension. Wheat on MATIF followed the movement of that in Chicago after the WASDE report surprised market participants with an estimate of a 13 million-ton larger global harvest. For the ...