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I don't get to say this very often lately so I will mince no words... Grains are HIGHER across the board today.
Geopolitical headlines between Russia and Ukraine set us up on the right foot Friday, but today's strength is a combination of funds being uncomfortable short, technical thresholds being reached, and some headlines on weather that might tighten up this year's crop. Light frosts were expected in parts of France, Germany, and Poland (SRW growers), while persistent dryness remains a concern in the U.S. Central Plains and in southern Russia.
Wheat closed above the 50-day moving average for the first time since January. (5.58 1/4), and corn closed above it's 50-day moving average of 4.33 for the first time in 6 months. We will have to see if the technical strength continues tomorrow.
Today's export inspections report showed great export movement for soybeans and wheat, and phenomenal movement for corn. Marketing year to date wheat export inspections fall short of the seasonal pace needed to hit USDA's target by just 5 million bushels - a much better outlook now that China has stepped up taking previously purchased wheat, even with its recent cancellations. Marketing year to date soybean export inspections exceed the seasonal pace needed to hit USDA's target by 35 million bushels, up from 32 million the previous week. Marketing year to date corn export inspections exceed the seasonal pace needed to hit USDA's target by 67 million bushels after the biggest weekly shipment total in 23 months last week, after exceeding the pace by 53 million the previous week.
Today's crop conditions report showed that corn planted increased to 12% (6% LW, 12% LY ,10% Avg). Soybean planting increased to 8% (3% LW, 8% LY, 4% Avg). Spring wheat planted increased to 15% (7% LW, 4% LY, 10% Avg). Winter wheat condition dropped 5% good/excellent to 50% (26% LY, 44% Avg).
Funds were thought to have been all buyers today.
For those of you looking for more tools in your grain marketing toolbox, I would encourage you to look into the Agricorp Risk Management Program. In the program, payments are made if a crop's market prices fall below the annual support level. The support level is based on the target price, which is calculated annually by the Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA). Rates have been posted, and the deadline to apply is May 10th.
Midday Text Updates
If you wish to join our text updates list for midday market update texts, please text GRAIN to 519-800-0436. You can opt out at any time.
Wanstead History Displays
For any employees or members (past or present), this is a request to you! The Wanstead 100th Anniversary Committee is working on displays for our August 17th celebration, and we would love to see or borrow any pictures, newspaper clippings, or memorabilia you may have. We are looking for pictures of the facilities through the years (Wanstead, Wyoming, Alvinston, and Inwood), as well as people at the branches. We have acquired many pictures over the years, but we would love to increase our archives and add to our displays! Any material that you have that fits this criteria can be brought to our Wanstead or Alvinston branch, or can be sent to Megan at meganm@wansteadfarmerscoop.com. Thank you!
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