On the Grains Grains are mixed again in overnight trade. There’s still no sign of any weather issues with planting, so there is no need to build in any “weather premium” in the minds of traders. That could change tomorrow when the Climate Prediction Center updates its 3-month outlook for May-July. Globally speaking, the only glimmer of supportive news are slightly lower production forecasts for both Ukraine and Russia and ongoing conviction that USDA’s estimates for South American soybean and corn crops will inevitably be coming down to more in line with their own estimates down there. Shorter-term, geopolitics and even US politics for that matter are powder kegs of uncertainty that have the U.S. dollar at the highest levels since last fall. The Iranian attack on Israel was a sea change in Tehran’s strategy, no longer content to rely on its proxies in the region. For its part, Israel will only say it’s going to “respond” and when it does, Tehran says it will strike again. The powder keg in U.S. politics are renewed calls for House Speaker Johnson to resign as he struggles to get support for separate bills to fund new aid for Ukraine, Israel, and Taiwan….
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