4/23/24: Conditions and planting progress report out yesterday afternoon confirmed the HRW crop is starting to go backwards.  Conditions faded from 55% Good/Excellent to 50% Good/Excellent.  Oklahoma and Kansas were the main losers with the lack of moisture over the last couple weeks.  Kansas dropped from 43% to 36% while Oklahoma dropped from 60% to 49%.  The country Kansas and Oklahoma all remain well ahead of conditions from last year during this same time.  This coupled with dryness concerns in Russia should keep a bid under wheat markets until/if rain shows up.  All spring planting is ahead of last year’s pace as well as the 5-year average.  Corn planting progress sits at 12%, Soybeans at 8% and Spring Wheat at 15%.  Wheat markets are off the highs established over night post reports, but red wheats this morning remain up 3-5 cents while Chicago is only up a couple.  Corn followed along nicely yesterday gaining back majority of the losses we had seen the previous weeks; it is also up a couple cents again today.  Sounds like producers through the Midwest are taking advantage of corn playing follower and selling corn on the wheat led rally.  Makes sense given the great start to planting progress on row crops.  KC and Chicago wheat are up 70 cents total off the nearby lows established the past month.  Chicago rally has helped SWW gain 60 cents off the lows.  Significant planting/weather rallies historically are excellent selling opportunities.   

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