What a trading range yesterday (Thursday, May 4, 2023) in the wheat market. After a positive start, it first went into the red, only to turn positive again towards the end of trading.
In the US, all three wheat markets traded higher for the second straight day. Buoyed by rising tensions between Russia and Ukraine and some fund short coverings, Kansas City led the markets — up over 60 cents from Wednesday’s low. On their tour, the Oklahoma Grain and Feed Association estimated the harvest volume for the HRW wheat at just over 14.69 million t – a decrease compared to 2022. Here only 18.7 million t were already harvested. harvested and less than half of the harvest volume of 31.2 million t in 2021.
Spot futures for soybeans and soybean meal were under heavy pressure early Thursday morning, but recovered somewhat by midday, closing almost unchanged. The soybean complex was somewhat weighed down by financial markets, which were battered by fears of more bank failures and the US Federal Reserve’s continued tightening of monetary policy. Kansas and Minneapolis are clearly up again this morning. We’re excited to see which shorts have been covered this week.
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