Wednesday May 1, 2024

• The wheat market is still in search of a bullish fundamental story to keep up the moves made last week
  • Take a look at the wheat chart below
• The overnight trade volume was weak, corn and wheat continue their venture lower this morning
• Trade seems to be unconcerned over planting despite the wet weather forecasted for the Midwest
• There are 4 storm systems slotted in the next 10-12 days to produce above normal rainfall in the plains and Midwest
• Planting progress in the US was pegged ahead of schedule but with lots of perception on the forecast. Whatever has not been planted, may not be in the ground for a while
  • If planting progress isn’t above the 50% mark by the middle of May that is when we may see some problems
• Soymeal gapped lower on the overnight after news of Argentine labor strikes ended 
• Southwestern Russian farmers are still eagerly awaiting rain as the crop stress is becoming “noteworthy”