A note to Mother Nature from farmers and market analysts: Uncle – Agweek

The grains are all in an overbought market condition and in need of a correction, but as has been the case the past few months, every little retracement gets met with an aggressive amount of buying.

Weather continues to be the main driver as the northern Plains saw another round of rain showers and another 6 to 12 inches of snow in some regions.

Slow planting progress in the Corn Belt also continues to add support as cool wet conditions keeps planters in the yard.

But by the middle of the week, Indonesia went back to their initial announcement and said they are going to be implementing a complete ban on palm oil exports.

Well, bean oil had been trading up to all-time contract highs and soybeans have rallied for little reason the past few weeks.

Corn closed out the third week of April putting in its first weekly lower performance in four weeks, which had everyone calling for a top in the corn market as well.

The big losers for the week were Kansas, which dropped 7% to 26% good/excellent and Oklahoma which dropped 5% to 16% good/excellent.

Stats Canada surprised the market with their acreage estimate as Canada is looking at planting more wheat and less canola.

Weather is also starting to grab headlines in South America as dry conditions are starting to become a little more concerning.

A strong cash trade helped cattle push higher the third week of April and those bids spilled over to the last week of April, but the bearish Cattle on Feed report combined with bearish economic concerns.

To add to the tight supplies, the adverse weather conditions in the northern Plains since Easter has trimmed the 2022 calf crop with some regions reporting death losses as high as 15%.

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