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Grain markets get more bullish

May 7, 2024 by Jim Wyckoff

The corn, soybean, soybean meal, SRW wheat and HRW wheat futures markets are all trending higher on the daily bar charts for the first time in months. The only laggard in the grains complex is soybean oil futures. The less-hawkish lean by the Federal Reserve at last week’s FOMC meeting, less risk aversion in the marketplace at present and grain-markets-friendly seasonal factors have all worked to get the speculators, including the big funds, more bulled up on the grain markets. Also, the corn, soybean and wheat markets are in their planting and/or growing seasons in the U.S. That means weather-market rallies can occur. More years than not there is some degree of at least one weather-market rally in the corn, soybeans and/or wheat markets during the spring and summer months. Stay tuned!

Filed Under: Blog News, Jim's Morning Report, Uncategorized

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