FOR WEDNESDAY: (5/2) The wheat tour got grains going, and even though corn has no reason to be up here, it‘s following wheat. We usually don’t like to sell grains on Wednesday and will assume slightly higher prices. Open to sales on Thursday if patterns come in. Cattle and hogs should bounce a day but then are sales.
JULY CORN (electronic ok)
TODAY’S COMMENTS: (5/2) Upper target is 411. Wheat is pulling corn up. We’re not going to try to top pick with a solid close above 401. Traders worry about planting delays but we’re at May 1st and things look good now. Not sure when that reality will set in.
OVERALL: We hedged 50% of July corn needs. Will wait for 411 and 418 to do more.
CYCLES OVERVIEW: Next key swing low into May 7.
