Name one of the two South American countries that do not border Brazil...
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Grain Market Insight
Afternoon Grain Comments 4-24-2024 – The grains were mixed today at the close as wheat continued to be strong and had been pulling corn and soybeans along a bit but corn stopped following. The ethanol production report this week showed less production and a draw on stocks. Planting is said to be progressing well in the corn belt and there is rain in the forecast for at least part of the belt. The soybean market could not find much momentum as South American soybeans are cheaper than U.S. supplies into China so the export sales report tomorrow will be much anticipated. Here is the afternoon StoneX quote on wheat “Some old news headlines, some even older headlines, and some just recycled, kept the shortcovering action in US wheat futures alive. The India wheat stocks story was resurrected today with the government claiming stocks have hit 16-year lows and the implication that the nation may net import wheat for the first time in seven years. Russia’s dryness was renewed with mixed forecasts that would ameliorate the dryness.” Not much new there except a new word for me, ameliorate. At the close today cash wheat was 15 cents higher, corn and milo were down a nickel, and soybeans ended 2 cents lower. Have a wonderful evening.
Morning Grain Comments 4-24-2024 – The night session was mostly uneventful with wheat and soybeans trading in a range of less than 7-cents and corn traded within a 2-cent range as the markets were hanging around Tuesday’s closes. The StoneX Quick Editorial (QE) this morning, “wheat is settling back after roughly a 50-cent rally for the spot May Chicago contract in the last three sessions, with resistance from the 100–day moving average dead ahead as well; soybeans poked through for a higher high last night but have settled since; and corn momentum has slowed after riding wheat’s coattails since Friday. U.S. planting is unquestionably flying this week but is expected to come to an abrupt halt by Friday, with widespread heavy rains in the forecast across the Midwest.” The trade volume was more than average with the usual suspects leading the volume, July soybeans, July corn, May soybeans, and May corn. In world grain trade news, Jordan has tendered again for up to 4.4 million bushels of milling wheat after not making a purchase in recent tenders. At 7:45 at the end of the night session this morning, Kansas City May wheat was 1.5 cents higher, Chicago May corn was up 0.25 cent, and Chicago May soybeans ended the night session 0.25 cents higher. Have wonderful day.
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March 25 Blowing snow most of the day gave us a little bit of moisture in Sublette.
February 11 A little flurry of snow on the 10th but about an inch or so received on the 11th in Sublette.
January 22 - February 2 - a number of damp, foggy days did not give us much moisture in the gage but left the area very wet where snow had still been melting.
January 8 Snow, wind, wind, and wind 4 inches of snow? 5?
January 5, 2024 Snow most of the morning gave us about 3 inches or so in Sublette.
December 13 & 14 Two days of rain gave us over 2.5 inches of rain in Sublette.
