57 Follow us on Twitter @BetterFarmingON Better Farming | April 2024 Moe’s Market Minute during the seasonal bullish period during spring-summer. The average rally in corn, as an example, was $0.81/bu. The one commodity that is defying the gloom in the grains and oilseeds complex is cotton futures, which has been the best-performing commodity in the complex, climbing about 20 per cent during the first six weeks of the year. If it weren’t for the funds’ net long position in cotton, the combined position would have been even more net short. Cotton futures are supported by tight supplies and improving demand fundamentals – the classic mix for a bullish market, and a classic example of what may happen in the other grains in the coming three to four months. The fundamental impetus for a massive short covering rally could start from when we get a “real” final read on the South American soybean crop size during spring, and that impetus could be taken over by the North American 2024 growing season and prospects for the second Safrinha corn crop. The selling in commodities is overdone! BF OFA Members will receive the OFA Energy & Fertilizer Report Corn futures have hit a 3-year low! Crude oil futures are at a 3-month high! U.S. natural gas prices a 19-year low! The OFA Energy & Fertilizer Report will be released on April 15th, 2024, and provides valuable information in making energy and fertilizer decisions that are right for your farm! Find out what you should do with your 24-diesel fuel/fertilizer plan. Email: risk@farms.com to receive your copy of the report. MOE AGOSTINO & ABHINESH GOPAL Maurizio (“Moe”) is chief commodity strategist with Farms.com Risk Management and Abhinesh is head of commodity research.
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