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Gary's Blog 04/30/24 2:55:12 PM
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4-29-24
Planting Progress
TW LW AVG
Corn 27% 12% 22%
Beans 18% 8% 10%
4-30-24
The CBOT was all red today as we closed out the month of April. Soybeans led the way down as wet forecasts suggest more acres ending up in beans. US beans remain uncompetitive in the world marketplace which has been the theme all winter/spring. The extremely wet forecasts kept corn selling to a minimum. The I-states won’t make much progress this week as soil remains saturated with another round of showers set for the weekend. Buyers/end users have rolled their cash bids against the July futures contract.
4-29-24
Markets were mixed to start the week with active spread trading. First notice day for May futures had traders scrambling to shore up positions. Soybeans were the only commodity showing strength today while wheat suffered on better weather forecasts. Updated planting progress numbers will be released today at 4pm. Traders expect to see the US ahead of historical averages. The big talking point is the wet forecast for this week as progress is likely going to be halted over much of the corn belt. If this pattern holds, we could hear rumblings of prevent plant or acres shifting to soybeans. Uncertainty is high on the CBOT.
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