AgDay Markets Now: Randy Martinson Explains Why Grains Couldn't Extend Friday's Rally

AgDay TV Markets Now 04/15/24

Grains end lower on Monday erasing most of the gains from Friday.

Randy Martinson, Martinson Ag, says forecasts for rain in the corn belt weighed on grains.  

He says there was also a pickup in farmer selling after the rally Friday, as farmers are selling ahead of planting season with the end of April approaching some will have to price or roll basis fixed contracts.    

He says that selling pressure could be similar to what happened at the end of February when May corn hit a contract low.  

According to Martinson grains were also removing war premium after Middle East conflict over the weekend failed to escalate to all-out war.   

A higher dollar index was also negative for the grain markets on continued inflation fears.

 

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