# Grain Comments: 04-30-2024 - Cooperative Farmers Elevator

> Chicago wheat, corn and soybeans traded slightly lower on April 30 while July soybean meal rose to its highest since early February as funds added to net longs. Soybean oil made new lows for the move, and US corn and soybean planting ran ahead of the five-year average.

- Date: 2024-04-30 · published 2024-04-30T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/30806-grain-comments-04-30-2024-cooperative-farmers-elevator
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Routine market commentary with mixed moves; planting progress ahead of average is mildly bearish for corn and soybeans, while meal strength reflects fund buying.

## Read by commodity

- SBM: bullish ▲
- SBO: bearish ▼
- SOY: bearish ▼
- CORN: bearish ▼
- WHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBM | 2024-05-01 | 1 | +3.3% | 3.7 | July meal hit its highest since early February on April 30 as funds added net longs, indicating a speculative short-covering rally. |

## Sources

- coopfe.com: https://www.coopfe.com/grain-comments-04-30-2024/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.