.png)
WEEKLY ROUNDUP- May 17, 2024
- Greg Petersen
- May 17, 2024
- 1 min read
Market Insights
Download Complete Version PDF:
The PDF Version is complete with Charts and Graphs Way more information.
What Happened This Week
1.    Russia's wheat woes, Flooding in Brazil and USA planting progress still dominate the market.
2.    The majority of funds have lifted their speculative shorts. They are NOT LONG, yet.
3.    Weak export sales of beans and corn. The canola market is higher for new crop implying weak sales
That’s a Wrap -Thought Roundup
Overall this week was relatively uneventful in the agricultural markets. Right now the market is focused on weather and more importantly seeding. In much of the prairies, moisture levels are good, yet many farmers that I have talked to don’t believe the soil is fully recharged yet. Â
Canola                                                                                        Â
1.    Old crop prices are less than new crop. This is not supposed to happen. It means that the market is telling farmers to store their canola until fall. This could be bad because it will increase the supply of canola for next year. It’s like kicking the can down the road. Hoping that the export demand will pick up.
Wheat HRS -Technical Thoughts
1.    The problems in the world wheat market are predominantly associated with winter wheat. HRS is not at low-quality wheat this is why the spread between HRS and CPS has narrowed up in the last few weeks.
Wheat CPS -Technical Thoughts
Weekly Commodity Change
Drought Maps
Extras in the PDF Version
Drought Maps
This week's Commodities of interest. 2 Charts on each. Intraday (short term) + Daily (long Term)
Canola, CPS, HRS, Crude
Special Report
USDA