Thursday April 25, 2024

• After breaking through the 100 day moving average, wheat found additional support as the funds continue to liquidate their short positions
  • Crop ratings fell in the Central Plains this week from dry conditions
  • Geopolitical news, as well as drought conditions for Russia
  • India’s wheat stocks have fallen to their lowest level in 16 years
  • Lower crop yields for the last two years in India
  • India is the second top consumer of Wheat and third largest producer, China of course taking the lead in both categories
  • Egypt wheat imports forecasted to increase by 2% due to growing population
• Severe weather is in the forecast for the US Plains later today
• Rain in the forecast over the weekend for parts of the corn belt
• US ethanol production declined last week
• Soybean futures lower in the overnight trade and this morning, Brazilian harvest rolls on, sitting around 87% complete according to Conab
• Still debate between USDA and Conab on the true size of the 2023-24 Brazilian soybean crop