Daily Commentary
4/22/24
Wheat futures are higher to start the new trading week. CHI is up 20, KC is up 18, and MN is up 8. Row crops are trying to get spillover support from the wheat complexes with Corn up 4, and Beans up 3. Canola futures are up 7, and Paris wheat futures are up 6 Euros.
The U.S. Dollar is higher, Wall Street is higher, Crude is lower, and Gold is lower.
Wheat futures are seeing a bit of short covering rally this morning. Funds have held a record short in the KC complex and are now hitting the buy button. Weather in W. KS has been on the drier side of things this month and that could be sparking the buying we are seeing so far today. Headlines are sparse on any bullish inputs for wheat to be rallying.
IKAR raised its Russian 23/24 wheat export estimate by 1.0 mmt to 53.0 mmt today.
Cash markets found some support to close out last week. A higher futures board seemed to be the catalyst for the $.10 bump last Friday. Fundamentally the outlook has not changed with the demand pace seen off the PNW, and the amount of grain Russia continues to look to produce this upcoming year. There is some dryness creeping into parts of the EU that could lead to a decrease in production out of that region.
Corn futures are mostly seeing spillover support from wheat so far today. Traders will be watching for what the USDA estimates the current planting progress in this afternoon's report.
Soybeans are seeing support from the overall buying pace seen throughout the grain complexes.
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