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Gary's Blog 04/25/24 1:49:06 PM
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4-22-24
Planting Progress
TW LW AVG
Corn 12% 6% 10%
Beans 8% 3% 4%
4-25-24
Markets were mostly higher, led by wheat. Rough weather conditions in HRW areas and Russia have made the shorts nervous as they begin to exit those positions. We are now testing key resistance/technical levels. A close above these levels could trigger the algos to continue buying. Soybeans have been reluctant to follow as the South American crop size has been a hot debate. US beans just aren’t competitive in the world and our new crop sales remain at a record low. (for this time of year) Corn has been able to hang on to “higher lows” as planting delay talk heats up. First notice day for May positions is just 2 days away. Those with HTA’s or basis contracts will need priced or rolled.
4-22-24
The bulls were back in front as futures soared higher across the board. Wheat was the front runner today closing 20 cents higher on weather concerns. Dryness in HRW country coupled with frost damage in SRW regions provided the spark for funds to cover shorts. Corn and beans found spillover support pushing 6 and 10 cents higher. Planting progress numbers will be out at 4pm today. Weather maps have gone wet (especially for Iowa) showing a possible 3-5 inches in the next 5 -7 days. Whispers of planting delays are starting up.
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