Monday April 22, 2024

• Wheat was up on Friday but failed to close above the 50 day moving average. If we can close above the 50 day moving average today it may be a sign of an uptrend. 
• IKAR a Russian consultancy raised their 23/24 wheat export estimates from 52 to 53mmt.
• Ukraine’s Ag Ministry reported grain export since July 1 down from 40.7 last year to 39.5mmt.
• Weather
  • Rains were confined far south and in the southeast over the weekend, the Plains and Midwest were dry. To start of this week it will remain dry with rains to become widespread Thursday/ Friday. 
  • Light rains in central Argentina were seen over the weekend. Rains continue into this week slowing harvest.
  • Brazil saw rains in the north over the weekend, but rains will favour the south over the next ten days.