Grains closed mixed after the WASDE report, which included a bullish surprise in winter wheat that produced a strong rally, especially in HRW. Corn ending stocks were bearish at 2.22 billion bushels, but prices held up with help from wheat and the fact that much of the increase was already priced in. Soybean ending stocks were also bearish at 335 million bushels. How low do prices need to go to price in this news plus the South American crop? John Heinberg of Total Farm Marketing has analysis.
Wheat Rallies on Bullish WASDE Surprise, While Corn and Soybeans Digest Bearish Carryover
Winter wheat’s rally held up corn with ending stocks at a bearish 2.22 billion bushels. How low do soybeans go to price in a 335-million-bushel carryover? John Heinberg, Total Farm Marketing, shares his insights.
May 12, 2023 02:44 PM
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DuWayne Bosse of Bolt Marketing says the wheat market was trying to extend gains early Thursday but may be getting close to pricing the Black Sea export disruptions in.
Oliver Sloup Blue Line Futures, says wheat prices skyrocketed adding risk premium on concerns about the escalating Black Sea war and the disruptions it is causing in the export market. It could have more upside left.
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