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”