Daily Ag Direction 4/30/24

Good Tuesday Morning!

Wheat markets setting back overnight and into the morning session. The crop condition report out yesterday afternoon showed a 1% decline to 49% G/E for US Winter Wheat. HRW conditions fell notably in Kansas, Oklahoma, Colorado and Nebraska with 31% of Kansas crop now rated poor/very poor. This was a 5% increase from last week (26%). Dry areas of Russia have a chance for showers next week but the region wil lonly see limited relief at that point. 

The corn market didn't see much action overnight and is quiet this morning. Midwest farmers were busy planting corn and soybeans last week ahead of the rains. Corn planting progress nationally was pegged at 27% complete which is right in line with estimates and slightly above average. Weather forecasts look good for another week of planting, so unless that changes don't look for corn futures to move much. 

Posted on Apr 30 at 08:45