🌾 Wheat Market (Leading the Rally)
Kansas City wheat up ~19 cents (July: $6.35½), holding strong near daily highs
Recent rally supported by:
Declining crop conditions: Hard red winter wheat now 34% good/excellent (down from 35%)
Lack of moisture: No meaningful rain in the forecast for the next 10 days
Minneapolis wheat:
July up 10¼ cents ($6.49½)
September up 9¼ cents ($6.64¾)
Chicago wheat trailing:
July up 8¼ cents ($5.99½)
Key takeaway:
Strength driven by hard red winter wheat concerns, not soft red (Chicago)
🌽 Corn Market (Export Support)
Positive export activity boosting prices:
Mexico purchases:
65,000 MT (old crop)
139,000 MT (new crop)
Additional 316,000 MT purchase
Unknown buyer (likely China): 139,000 MT
Price movement:
May corn up 4¢ ($4.42¼)
July up 3¢ ($4.54)
December up 2¼¢
