Was that THE BOTTOM? Corn Market Posts Upside Reversal

Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links-Apple PodcastsSpotifyGoogleTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.🌽 The corn market saw an upside reversal on Monday, with the May24 contract bouncing from lows near $4.09/bu to a 13-cent rally and higher daily close. 📈 Huge trading volumes were observed, possibly due to US farmers pricing most of their March basis contracts, alleviating some hedge pressure. 💰 Fund traders were estimated to be buyers of 5k contracts of corn on the day.🌱 Estimates for Brazil's soybean crop continue to shrink, with AgRural reducing its forecast to 147.7 million tons due to hot and dry weather. 🇧🇷 As of last Thursday, 40% of Brazil's soybeans had been harvested. Additionally, 73% of Brazil's second corn crop had been planted.🌾 Russian wheat prices hit a three-year low, dropping to their lowest level since 2020. 🇷🇺 Analysts suggest further reductions to compete with European wheat. Russia exported 870,000 million tons of wheat last week, with Sovecon increasing its estimate for this season's wheat crop to 93.6 million tons.🚢 US soybean shipments declined, with 974,977mt inspected for export, down 25% from the previous week. 🌾 Corn shipments increased by 18%, while wheat shipments rose by 15% compared to the previous week.💰 Bitcoin surged to its highest level in over two years on Monday, surpassing $54,000. 🪙 Interest in cryptocurrency has risen as traders position themselves ahead of Bitcoin's halving in late April.