Today is the last trading day before the first notice day of delivery assignments on the May CBOT agriculture contracts. After the market closes today, any short position holder can inform the CBOT that they will make a delivery on one to one million contracts. CBOT will assign delivery notices to the oldest long (buy) May futures contract first and continue to assign delivery notices in chronological order until all the delivery contracts have been assigned. To avoid any chance of being assigned a delivery, liquidate long May futures positions before the close today. Few to no deliveries is bullish.
Suddenly, the rumors are China is looking to buy a million mts of US old crop corn.
A railroad bridge that is on the route for Ukraine’s grain moving west to the Baltic Sea ports and war material moving east was destroyed yesterday.
NOLA urea barge prices are crashing. Down a hundred plus bucks a ton Friday to Tuesday and down another $30 yesterday.
Former Minnesota farmer and now an independent agriculture consultant in Brazil, Kory Melby, reported yesterday:
I am getting more reports out of Mato Grosso stating that the 2nd crop corn in some areas are in dire condition. Some will not be harvested. I will be out there the end of May.