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Grain Market Insight
Morning Grain Comments 5-16-2022 – The grain markets gapped higher overnight with wheat leading the way on the report that India has suspended wheat exports. This ban on exports will not include the 18 million bushels of wheat to ship to Egypt that has been previously sold. Kansas City July wheat left a 43-cent gap, Chicago corn left a 11.5-cent gap, and soybeans left a 10-cent gap. The trade volume overnight was higher than we have seen in some time. The StoneX Quick Editorial stated “the grain market exploded out of the gates last night and has held on to gains this morning, as India announced a ban on wheat exports, walking back recent talk of filling global export needs in the midst of Black Sea supply issues. Uncertainty remains high over the global wheat S&D. U.S. corn/bean planting progress should be impressive in this afternoon’s report..” At the end of the night session at 7:45 this morning, Kansas City July wheat was 60 cents higher, Chicago July corn was up 16.25 cents, and Chicago July soybeans ended the night session 14.75 cents higher. Have wonderful day.
Afternoon Grain Comments 5-13-2022 – Good afternoon. The grains were mixed at the end of the day session today, with wheat and beans moving higher, and corn moving lower. A comment from Stonex on corn, “Old-New spreads traded to their lowest levels since January on rumors that corn sales were being rolled by China to the next marketing year. COVID Zero and import economics driving demand to the lower priced new crop.” The trade will be watching planting progress closely in North Dakota, South Dakota, and Minnesota as they near their prevent plant dates. A small flash sale of US beans to China kicked off what ended up being over a 30-cent rally. The USDA has US bean export slightly over they projection and this sale today widens the gap. A comment from Stonex on wheat, “…the market was dominated by HRW-SRW spreading that kept HRW positive and sent SRW lower. That is the only clear direction that could be garnered from yesterday’s USDA numbers.” Trade will watch ND/MN to see how planting progress for HRS progressed this last week. US wheat is $3.80/bu more than Russian wheat, US wheat is the most expensive in the world. At the close of today’s markets cash wheat was up 12 cents, cash milo was down 11 cents, cash corn was down 11 cents, and cash soybeans were up 33 cents. Have a great evening and weekend!
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