We have some pressure on the grain markets this morning. New-crop futures are seeing some selling on talk of improved weather in the extended forecast. This week won’t be as wet as last week and temps are finally starting to look more spring-like. The outlook for the start of May is also more favorable. The heaviest pressure, however, is being seen in old-crop soybean futures. Listen to the “Monday Morning Wake Up Call” for more details on what’s in store this week.
Pro Farmer’s Monday Morning Wake Up Call
Traders are removing risk to start the week.
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Oliver Sloup with Blue Line Futures says grain markets were trying to divorce from the war headlines and crude oil the last few weeks but now are right back trading with the energy moves.
Greg McBride of Allendale, says grains markets saw profit taking, also saw some farmer selling and hedge pressure on Tuesday.
Grain markets were all lower to start Tuesday seeing some routine profit taking after hitting new highs for the move and even some new contract highs in parts of the corn and soybean complex, according to Brady Huck with Empower Ag Trading.
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