Friday May 10, 2024

Happy Friday! Overall markets are trading higher this morning
Wheat prices increased overnight hitting the $8.00/bu mark for both old and new crop winter wheat. Prices have backed off slightly this morning but we are still in the green
- This increase seems to be a result of frost issues in Russia’s wheat crop
There was a flash sale of 132k MT of corn to Mexico for 23/24 and 24/25 delivery
Export sales were released yesterday, sales were within expected ranges for corn, soybeans, and wheat. However both soybeans and corns overall pace has fallen behind the USDA target. Wheat was able to stay in line with the needed pace
Yesterday corn and soybeans took a fall and ended up behind the 100 day moving average. Fund short covering was the main culprit behind the rally we saw.
- The bull needs fed and it needs fed everyday to sustain a rally. We have not received any news or updated bullish news to help keep the rally in corn and beans going thus we have fallen lower
Drought monitor data was released yesterday. Below are percentages of US areas experiencing drought
- Corn 14%
- Soybeans 11%
- Winter Wheat 28%
- Spring Wheat 15%
The USDA report will be released today at noon. This will be one of the biggest WASDE crop repots of the year as it contains the first balance sheets for the 24/25 marketing year