Your futures broker and your merchandiser want all May futures positions and basis contracts liquidated or rolled by the close of business today. Friday is the first day the CBOT will issue delivery assignments to the oldest long May contract futures contract on the books; Friday is what the trade calls “First Notice Day” (FND). For CBOT ag contracts, FND is always the last business day of the calendar month preceding the futures contract month.
To learn about how the delivery process works and what it tells us about the market, go to: https://www.wrightonthemarket.com/post/delivery-process-at-the-cbot
Highlights
Durable goods orders were reported yesterday morning up 3.2% in March from the previous month. The gloom and doom economists were expecting just 0.7% increase. The core durables were up 0.3% vs. expected down 0.2%. Gasoline consumption last week was up sharply from the previous week. Where is that recession? None-the-less, the market traded gloom and doom after the sunrise yesterday as the market expects the Federal Reserve will raise interest rates 25 basis points (a quarter of one percent) on Wednesday afternoon. That continues to be a major (over blown) obstacle for commodity prices to rally.
StatsCanada planting intentions released yesterday:
All-wheat acres: 26.968 million vs 27.0 expected and 25.388 last year.
Spring wheat acres: 19.389 million vs 18.036 million planted in 2022.
Canola acres: 21.596 million vs 21.396 million last year.
The large spring wheat acreage is what pounded spring wheat futures yesterday.