Darren Frye, Water Street Solutions, says the wheat rally came on weather and technical buying, which also helped corn and soybeans post a higher week. He's not sure it can continue without a bigger weather issue.
The grain markets are playing a familiar tune—a song of higher prices. “We are truly in uncharted waters,” says Jerry Gulke, president of the Gulke Group. “There are so many things in motion.”
Responding to higher world prices, farmers in Mato Grosso, Goias, Sao Paulo, Minas Gerais and the Matopiba region of Brazil probably planted more safrinha corn . . .
Farm commodity prices, production costs and consumer food prices are higher than would have been expected a few months ago, according to the 2022 U.S. Baseline Outlook report by FAPRI.
May soybeans rose 22 1/4 cents to $17.18 3/4, the highest settlement for a nearby contract since September 2012. May soyoil jumped 143 points to 75.97 cents per pound, while May soymeal climbed $8.30 to $485.10.
To curb inflation, Brazil’s Economy Ministry announced coffee, margarine, cheese, pasta, sugar, soyoil and ethanol import taxes are suspended until the end of the year.
Ukraine has restarted corn exports via rail through the western part of the country, said Roman Slastyon, general director of the Ukrainian Agribusiness Club.
Canadian Pacific Railway threatens union members, Eurozone inflation continues to firm and Argentina turns to the export market to moderate inflation...
India’s government is expected to announce several actions in the coming weeks to help it replace global wheat supplies, according to government sources Reuters reported.
April live cattle rose 52.5 cents to $140.85, the contract’s highest closing price since $141.425 on Feb. 28. April feeders edged up 20 cents to $162.60.
Only 4.7 million hectares of spring grain will likely be planted in Ukraine this year, down 39% from last year, according to Black Sea ag consultancy APK-Inform.
Russia may suspend exports of wheat, barley, corn and rye starting Tuesday and lasting until June 30, the Interfax news agency reported on Monday, citing the agriculture ministry.
Corn prices are above $7.50 per bushel and soybean prices are near or above $16 per bushel. As prices stay elevated, will demand diminish? Time will tell, says Jerry Gulke, president of the Gulke Group.
WOTUS has remained a source of friction & controversy since the Obama admin. put forth its more-restrictive definition in 2015 that was then replaced by the Trump admin. via the Navigable Waters Protection Rule.
