4/20/2023

Today was another very quiet day in the grain markets as basically the entire screen was red.  Export sales this morning was very poor.  New crop corn was the only exception. The renewed shipping of grain out of Ukraine continues to pull wheat markets lower and corn is the follower.  Beans are lower on more weakness to the Brazil premiums as their crop seems to keep getting bigger by the day.  As the markets broke lower the last couple days, farmer engagement has shut off completely and the focus now turns to the planting season ahead.  Hopefully the weather warms up next and allows some progress.  For those of you with May basis contracts, we have until the 27th of May to clean them up.  High volatility will continue in the May futures, so be careful and pay close attention.  We are playing with a double-edged sword at this point with spreads.