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04/30/2024 Argentine Woes Have SBM the Unlikely Leader for Soy Complex

By The Commstock Report
On the Grains Grains and soybeans are steady to weak in overnight trade with soybean meal a notable exception. It's up again and punched through some chart resistance overnight. It was up strongly yesterday on news from Argentina. They ship most of their crop as soybean meal and not only is their harvest far behind normal (25% vs. 48%) their oilseed crushers union has gone on strike. Even though rain moved into many areas Thursday and through the weekend, yesterday's Crop Progress Report showed corn planted 27%, pretty much what the trade expected and still ahead of last year's 23% and the 5-year average of 22%. On a state-by-state basis, Missouri, Arkansas and Kansas have the biggest leads over last year and average but Minnesota and Iowa have big leads as well and these 5 states account for a big part of the national lead. As for "laggards", CO, IN, KY, and AL are the only states that are several points behind normal and the rest are all either on track with normal or a few points ahead. Next week, we expect to see the lead shrink back closer to normal with widespread rain through last weekend lingering as it…
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04/29/24 Is It Time to Pile on Tesla? Subscribers Sure Thought So!

By The Commstock Report
My recent article on Tesla/EVs generated such a response from you that I thought it deserved another swing. Geniuses have done amazing things. Aristotle, Issacc Newton, Galileo, Leonardo da Vinci, Archimedes, Michealangelo, Mozart, Beethoven, Benjamin Franklin, Einstein, Steven Hawking, Bill Gates, and Steve Jobs are just a few with the most notoriety that make the list of Geniuses that have advanced the development of the human race with their intellect.  Yes, even Nikola Tesla, the namesake of Elon Musk's attempt to reinvent vehicles with electric propulsion, was a genius which is why Musk picked his, as the name of his company. Musk is considered to be a genius himself but there is IQ and there is EQ. Musk has a lot of the former and maybe hindered by not enough of the later. On the surface his personal life doesn't look like one run like a genius but then again if you look back at all the historical geniuses, they were all a bit eccentric. I think that he let his emotions rule the decision to buy Twitter which has to have been one of the most immediate flushes of cash down the drain that must have his investors wondering…
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04/29/2024 A Stormy Weekend Will Bog Planting Progress in Much of Midwest but Missed Important HRW Areas in S. Plains

By The Commstock Report
On the Grains Grains are steady-to-mixed in overnight trade to start the week. It was a very stormy weekend with over 100 tornadoes, frequent hail and widespread rain over much of the Midwest and Delta, that will slow planting considerably. Yet the pace was brisk through the early part of last week so today’s planting progress report should still show planting on pace with normal because we were a little ahead of normal the prior week.   Wheat was the clear leader in the grains last week on the unexpectedly sharp drop in wheat condition for HRW that more than offset the best ratings for SRW in decades. We’ll likely see further declines in today’s report, the rains have missed up to 40% of HRW wheat in western KS, the OK panhandle and W. Texas. Globally, conditions for wheat continue to deteriorate in southern Russia, eastern Ukraine and parts of western and southern Australia. This content is for members only.Log In Register
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04/28/2024 Sunday Market Preview

By The Commstock Report
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…
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