4/23/2024

After struggling a bit on the tail end of overnight trade, corn and soybeans traded steady higher and looked their most firm heading into today’s close. After chugging higher for a third consecutive day, we viewed some more technical signals on our front month contracts that indicate potential for a further rally exists. May corn traded a high for the month of April at 443'6, eclipsing our old high of 442'0 which traded on the first day of the month. May soybeans pushed above the March downtrend line and still have a little room overhead before meeting their 20-day moving average. Weekly crop progress estimated corn plantings at 12% complete which matched the trade average guess and last year's progress on this week. 12% could be considered largely average at this point of the season. Soybean plantings were estimated at 8% complete, which also matched this same week last year but was slightly above the trade guess of 7%.

Wheat has been the price leader and been a big factor in the bullish price action of corn and soybeans. As of today, Chicago wheat has rallied over 50 cents off of last Thursday’s low.