Tuesday May 28, 2024

• Wheat futures strong today as Russian wheat production estimates continue to decline
  • IKAR lowered its outlook by 2.4% on Monday
  • Key Russian wheat areas are unlikely to see much rainfall over the next week
• Grain Pricing Orders have been valuable lately, especially in the wheat market to capture those highs
  • Wheat futures have strength in the overnight and seem to find sellers during the daytime trading session, closing well off its highs for the day
• Fund traders have increased their net short position in the corn market
  • The wheat rally is giving corn some strength
  • Mexico has been a staple buyer of US corn due to parts of drought in the region
• US soybean seeding expansion and favorable start to the central US growing season, as well as a lack of Chinese demand have bean futures in the red today
  • Still no new crop sales on the books from China
  • China continues to seek Brazilian soybeans
• Severe storms and tornadoes swept across the Great Plains and South over the weekend causing 19 deaths