WASDE Meets Expectations Today’s release of the April USDA WASDE was not as interesting as last week’s Prospective Plantings report but that is mostly because it met expectations. They raised soybean utilization and reduced carryover. The market reacted by adding 43.5 cents to the May contract, which means this week’s gains almost erase last week’s losses. More importantly, it puts the market back on track for breaking resistance at $17/bushel. Where analysts had hoped for more but knew it would not be coming is some recognition of the war’s impact. USDA raised Russia’s wheat exports by 1 MMT, and lowered Ukraine’s by 1 MMT.
Export Sales Drop This week’s drop in USDA reported export...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...