AgResource Midday Commentary: Wheat Leads CBOT Rally; Dryness in Canada, Eastern Russia Need Monitoring; NOPA Soy Crush Record for April but Shy of Expectation

AgResource Farm Marketing Advice for Monday: 1/ No new advice. CBOT ag markets are sharply higher at midday as the rest of the world fully digests bullish USDA wheat data, and as South America’s cash soy market – which had been the bearish lynchpin in March and April – is shifting rapidly. Corn is following.…

AgResource Midday Commentary; Argentine Financial Worry Emboldens Farmers To Hold Tight to Crops: US Weekly Export Sales Slow; Ukraine Grain Corridor Confusion

US weekly export sales were as slow as feared; CONAB raises ’23 Brazilian soybean and corn crops slightly to new records; Fear is growing that Argentina is in a financial “pickle” due to soaring inflation and a sharp decline in hard currency as Argentine farmers hold fast to this year’s harvest with the Soy Dollar…

AgResource Midday Commentary; Algeria Books Russian Wheat at $275/MT CIF; Turkey Says Black Sea Grain Deal Could be Extended for 2 Months; CBOT Mixed on Low Volume

The CBOT is mixed with tight cash markets offering support to July corn and July soybeans while the wheat market swings back and forth on the Algeria tender. The USDA May Report looms on Friday and a mixed close is forecast. Russia held its wheat sale price at $275/MT to Algeria today, but the purchase…

AgResource Midday Commentary; China Cancels US Corn Purchase; Fund Selling Accelerates on the Charts; Brazilian Export Premiums Rally; Stats Canada Bullish Canola

CBOT futures drop on Chinese corn cancelation; Rain across the KS/NE and bearish charts; Stats Canada March Stocks data bullish on canola/durum wheat; Brazilian soybean basis roars higher into September as logistical woes are cleared. CBOT market volatility stays the theme heading into late May. Midday CBOT futures are sharply lower on renewed speculative selling.…