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AgDay TV Markets Now: Chip Nelliger, Blue Reef Agri-Marketing says wheat built on the key reversal and may be trying to bottom, while corn and soybeans held up despite bearish news.

Soil conditions, temperatures and weather outlook are aligned. “Let the big dogs run, and keep the planters running until you’re finished,” says Ken Ferrie. “This corn will fly out of the ground.”

The reason for the shift is rooted in financial improvements, according to James Mintert, professor in the Department of Ag Economics at Purdue.

The Federal Reserve raised interest rates 25 basis points on Wednesday and remains adamant interest rate cuts will not come until 2024 at the earliest.

The U.S. exported $15.86 billion in ag goods during March.

Wheat extends gains after Wednesday’s reversal. Soybeans and corn hold together in a risk off day with bearish weather and exports. Cattle consolidated, hog fail. Chip Nellinger, Blue Reef Agri-Marketing.

Short covering in wheat, but corn & soybeans held back by risk off outside markets & no bullish news in weather, exports. Cattle fade w/lower equities, hogs can’t sustain a rally. Mark Schultz, Northstar Commodity.

Cattle see a bounce as hedge pressure fades. Hogs can’t sustain a rally w/big numbers. Grains fail to see follow through after the reversals with poor corn exports and risk off. Scott Varilek, Kooima Kooima Varilek.

AgDay TV Markets Now: Ted Seifried with Zaner Ag Hedge Explains What Caused the Reversal in the Grains and If it Bottomed the Markets.

According to USDA-NASS, farmers in eight states are currently planting soybeans at the quickest pace farmers have ever seen, including Illinois and Missouri.