5/2/24: Wheats markets faded again yesterday, but this morning we are seeing a moderate recovery.  Kansas City is leading the way up 7-10 cents getting back almost exactly what it lost yesterday.  Minneapolis and Chicago lost less the last couple days, and in turn are only up 2-5 cents this morning.  Nearby corn is pushing recent highs on concerns of planting delays here in the US.  All corn futures up around a nickel this morning.  We don’t buy that planting delays in corn are anything we should be concerned about May 1^st.  27% planted through last week, ahead of schedule and producers have no trouble catching up with equipment today.  BUT regardless market will likely over do the rally on perceived concerns.  Should be a great opportunity to sell corn.  Expect it to continue into next week.  Wheat “recovery” this morning attributed to disappointing rains in Russia so far.  Wheat market is going to trade Russian forecasts here for a while as we try and sort out if their crop will be 85-95 MMT.  The US has a lot of rain in the forecast hence the concern over planting.  Some models show rains getting to the driest parts of Kansas, but even if they don’t the rest of wheat country should add bushels.  Negative wheat exports for old crop wheat this morning in the weekly report, but 407K MT in the new crop windows.  In line with expectations.  HRW was 167K, DNS 116K MT, SRW 65K and SWW 58K.  Taiwan Columbia and Unknown the main buyers.  Corn exports were 758K MT total old and new.  Japan, Mexico, and Korea the main buyers.   

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