04/28/2024 Sunday Market Preview

Corn and soybeans will look for guidance from whether or not wheat futures can extend their gains after finishing higher in seven sessions straight. Most calls are for a slightly softer start in reflection of a better forecast for world weather. The spreads should remain active as positions are cleaned up after May options expired on Friday and before first notice day on Tuesday. In the Headlines July Kansas City wheat futures were the upside leader last week with a gain of 71 1/4 cents over the five sessions. July Chicago wheat finished up 55 1/2 while July corn rose 7 cents. July beans were higher by 11 1/2 cents for the week. April live cattle climbed $3.20 and May feeders were up $6.70. June hogs lost $2.35 last week. Wheat’s recent leadership was sparked by another Russian attack on Ukraine’s Odessa port before price strength was extended with help from concerns over dry weather in Russia as well as deteriorating crop ratings for Europe and the Southern Plains. Another crop condition ratings cut is expected for U.S. winter wheat on Monday’s Progress report. Bullish fundamental inputs triggered an eventual technical breakout as Chicago wheat futures climbed above $6 for…