Friday April 19, 2024
- Wheat prices spiked over night as a result of Middle East drone attacks, new crop wheat cash prices hit $7.00/bu but have fallen back this morning
- Give us a call to get a pricing order in to capture overnight spikes
- Yesterday the USDA announced a flash sale of 138k tonnes of soybean meal to the Philippines
- Beans continue to sit lower amid bearish fundamentals
- Export sales were released yesterday
- Corn, soybean and wheat were all within the estimate range
- Corn and bean sales are 3% behind the pace needed to meet USDA exports
- This weeks net cancellations in wheat are slowing the pace however wheat still manages to be slightly ahead
- The USDA released the weekly drought monitor yesterday (see image below)
- Widespread rain last week lessened drought conditions across most of the corn belt
- A lack of rain in the southern part of the high plains caused drought conditions to worsen
- Kansas and northern Oklahoma also saw worsening conditions