May 03, 2019 05:33 PM
Last week’s Market Watch led off with the saying that April showers bring May flowers. This week we saw a few tender bullish blooms, with corn up 3.4% and Minneapolis spring wheat up 0.3%. However, some of the other flowers must have been frozen off by a late cold snap. Soybeans were down 2.8%, cotton was down 2.6% and feeder cattle sank 4.7%. In general, first of month asset allocation moves explained the action, with profit taking in cattle and hogs and bottom picking in corn and wheat.