4/19/24: Markets opened higher this morning after Israel launched air strikes at Iran overnight.  Retaliation for the retaliation of last weekend, apparently no major asses or losses have been reported.  Rallies have since faded, Chicago up 5-8 cents, spring wheat up a nickel and HRW unchanged.  Corn up a nickel getting back some of the losses from earlier this week.  Demand for US wheat remains poor and corn exports are starting to fade as well.  I really believe we will see an extended “dryness” rally whether that’s US plains dryness or Russian dryness is irrelevant.  It will provide a short-term rally that will give us nice opportunities to start selling new crop wheat and corn.  But dryness is needed at this point to take the top end potential off this crop and bring down our production numbers.  We have an oversupply and that does not get fixed with dryness concerns in the Midwest.  We need a change in the demand structure and that is not coming for the foreseeable future.  Believe spring rallies will be our best prices for wheat and corn over the next 9 months. 

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