The USDA May Crop Report held something for everyone with US 2023 HRW wheat production down sharply from last year with the Kansas wheat crop at 191 Mil Bu with total US HRW crop pegged at just 514 Mil Bu – down 15 Mil Bu from last year’s drought ravaged crop. WASDE decided to hold…
US weekly export sales were as slow as feared; CONAB raises ’23 Brazilian soybean and corn crops slightly to new records; Fear is growing that Argentina is in a financial “pickle” due to soaring inflation and a sharp decline in hard currency as Argentine farmers hold fast to this year’s harvest with the Soy Dollar…
The CBOT is mixed with tight cash markets offering support to July corn and July soybeans while the wheat market swings back and forth on the Algeria tender. The USDA May Report looms on Friday and a mixed close is forecast. Russia held its wheat sale price at $275/MT to Algeria today, but the purchase…
CBOT futures drop on Chinese corn cancelation; Rain across the KS/NE and bearish charts; Stats Canada March Stocks data bullish on canola/durum wheat; Brazilian soybean basis roars higher into September as logistical woes are cleared. CBOT market volatility stays the theme heading into late May. Midday CBOT futures are sharply lower on renewed speculative selling.…
USDA Report on Friday curtails CBOT Volume with Traders taking wait/see mentality. Active KC/Chi wheat spreading on fear of small Kansas Crop following last week’s Oklahoma Crop estimate that was down 50%; Cash Markets well bid on limited farm selling; Traders selling corn/soy futures looking for solid US crop seeding progress with corn 48-52% and…
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