Apr 30, 2024

Tuesday saw grains in risk-off mode with wheat failing to make new highs for the first time in the past ten sessions. July soybeans have also failed to take out their 50-day moving average which sent them downwards to a 19 cent lower finish on the day. Corn losses were minimal considering the large negativity in the grain trading space, finishing 1-3 cents lower and bouncing back above the moving averages after testing the waters below during the session. Mother nature has really flipped the script in terms of soil moisture. Over the past week, a vast majority of the grain belt has received 1-4" of rainfall and bringing a much-needed recharge to the soil. Very ideal for any ground already planted but it's interesting how analysts who were bullish on dry/droughty are now already pushing a PP story, citing continued rains in the forecast. In our opinion, it is way too early to put any weight on a story like that. Best case scenario right now is that any PP helps keep us under 93 million corn acres.

7-day rainfall map

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