5/30/2024

There just has not been anything to help the bulls out this week. May’s rally had been leaning on U.S. planting pace and the Russian wheat story. At this point, any type of delayed planting story has been priced in and out of the market and any issues with Russian wheat supply have also been factored in. Right now, the only type of story with some potential to ignite a rally would be weather in Brazil. Analysts are watching conditions in the southern half of the country as their forecasts show some stubborn dryness but it also wasn't very long ago, we were talking about extreme flooding in the same areas. Weekly ethanol data showed production up 49,000 barrels/day to 1.068 mln bbls and stocks off 1 million barrels to 23.2 mln bbls.