04/25/2024 Markets Subdued As Planting Pace To Be Slowed By Rains, But Still On Track

WHEAT RECCO UPDATE: On 4/23 we advised SRW and HRS producers to sell remaining ’23 wheat but for HRW producers to sell just another 20% (to 85% sold) to squeeze a bit more from KC wheat on this rally. We got that, and today advice HRW producers to complete ’23 sales as well. FUEL NEEDS RECCO UPDATE: On 11/16/23, we had advised covering 50% of fuel needs through spring. With ULSD futures now at last fall’s lows, we advise covering fuel needs through summer with local retailers, but if yours are not offering bids contact your Commstock broker for ways to do so via hedging in futures. On the Grains Grains are steady to soft in overnight trade. Even wheat is mixed at best. Rainy weather is moving in to slow planting through the weekend and into next week, but planters have been rolling aggressively through the early part of this week. The reality is that it’s too soon to threaten any serious delays and the rain is still welcome for replenishing soil reserves in most of the country. Ethanol data wasn’t helpful yesterday. Weekly production was down again and the 2nd lowest in more than a year and stocks declined only slightly. Yet there’s…