FOR MONDAY: (4/24) We covered our grain shorts on Friday in corn and beans. Cycles should allow for a minor recovery with planting progress likely still below average. Cattle looking overdone and may present a sale up towards 1.18, but clearly a top pick as we move into May. Missed our hog sale on Friday’s by 15 ticks and have already fallen to our target. Will re-evaluate Monday.
JULY CORN (electronic ok) start here.
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (4/24) We were able to take decent profits on corn shorts Friday, touching our cover prices of 362.50 and 360.75. Some short-covering into the close back to near unchanged ahead of Monday’s planting progress. Not clear how much of a bounce will develop near term. Showers in maps for the next week favor the southern half of the growing region, giving producers north of I-80 a shot at getting back in the field. Official 6- to 10 and 8- to 14-day forecasts and the latest updates this morning remain wet for the second week of the outlook. The 30-day forecast out today favored normal seasonal rains in the Midwest during May.
CYCLES OVERVIEW: Higher April 23-24; lower April 25.
