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