Friday April 26, 2024

• Wheat has made gains for 6 consecutive days, and is up 60 cents from last weeks lows
• The July 24 wheat contract was trading at highs that haven’t been hit since January. The contract closed above the 50 and 100 day moving averages yesterday and even approached the 200 day moving average
  • Fund short coverings seem to be the main cause for the for the move along with some technical stuff
  • There continues to be weather concerns in the EU and Russia
• There continues to be little fundamental help for corn and beans after a strong week of planting across in Midwest
• Corn saw its biggest week of export sales since February. Soybean sales didn’t quiet meet trade estimates. Wheat sales continue ahead of pace 
• Argentina’s corn harvest is pegged at 20% complete, up from last years pace. Argentina is the worlds 5th largest corn producer and the 3rd largest exporter. Their soybean harvest is at 26% trailing behind the 3 year average of 36%. Argentina is the 3rd largest soybean producer, the 4th largest soybean exporter and the number 1 soymeal exporter (see chart from StoneX below)