04/26/2024 Rains Will Slow Planting in U.S. and Harvest in S. America through the Weekend

WHEAT RECCO UPDATE DAY 2: On 4/23 we advised SRW and HRS producers to sell remaining ’23 wheat but for HRW producers to sell just another 20% (to 85% sold) to squeeze a bit more from KC wheat on this rally. We’ve gotten that and advise HRW producers to complete ’23 sales as well. FUEL NEEDS RECCO UPDATE DAY 2: On 11/16/23, we had advised covering 50% of fuel needs through spring. With ULSD futures at last fall’s lows, we advise pricing needs through summer. (If your local retailers aren’t offering prices that far out, contact your Commstock broker for ways to do so via hedging in futures.) On the Grains Grains are steady-to-weak in overnight trade. Heading into the weekend traders are focused on planting progress here and harvest progress in South America. Ours will be slowed by extensive wet weather beginning today into early next week while significant progress was likely made through yesterday. Brazil’s bean harvest is in the home stretch but will now be slowed by heavy rains in the southern end down through Argentina where harvest for both corn and beans are already well behind normal. Weekly export inspections for corn were terrific. At 1.3 million tonnes they blew away…