Chicago Wheat Commodity Markets, Prices & Futures
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Latest News From Chicago Wheat
Grain prices continue to rally as Russia ramped up attacks on Ukrainian ports on the River Danube. But agricultural economists and markets analysts point out the situation still hasn’t reached a worst-case scenario yet.
The biggest surprises included a 4-bu. reduction in corn yield and soybean ending stocks came in at 300 million bushels, which is 100 million bushels higher than trade estimates.
In eastern Kansas and Missouri, harvest is happening at a historic pace, but western Kansas is overcome by so much rain that winter wheat fields are now overgrown by weeds making those fields unharvestable.
Precision Mazes is able to turn a blank space into a crop art masterpiece with meticulous detail. Their latest project transitioned a harvested wheat field in Missouri into a larger than life welcome to Taylor Swift.
The Ag Economists’ Monthly Monitor is a new survey of nearly 50 economists. Most ag economists agree the next 12 months could produce more financial pressure for agriculture, but their views vary depending on commodity.
China’s exports to Russia reached a record high in April, amounting to $9.6 billion.
Last week was full of both bullish and bearish news for the wheat market. Arlan Suderman of Stone X Group says there are still several things that could spark momentum in the wheat market.
The 2023 Wheat Quality Council’s Wheat Tour across Kansas found low yields and higher abandonment than what USDA currently has penciled in with one economist on tour warning abandonment could climb even higher.
Farmers in the Southern Plains are finally starting to see much-needed moisture hit their fields. It may be too late for winter wheat, but it’s a hopeful sign for those needing the rain to even plant summer crops.
True armyworm (not to be confused with fall armyworm) is moving into Midwest wheat and corn crops now. Many are newcomers from the South, but homegrown populations are also concerning in Illinois, Indiana and Michigan.