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WEEKLY ROUNDUP- May 31, 2024

Market Insights

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Market Insights Weekly roundup May 31
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That’s a Wrap - Thought Roundup

Overall this week was relatively uneventful.  The market has seemed to digest the weather woes of Russia and Europe. Wheat had a very strong open on Tuesday but failed to hold its gains.

Horizon - lurking beyond thar hills

·       USA and Canada have some of the best-growing conditions in years.

·       The old adage of rain makes grain should soon enter the market sentiment. This will keep a lid on prices.

·       This market needs to be fed or it will drift lower.

Quick Market Sentiment short-term Market Feel

Canola -Market Thoughts

1.     Generally speaking, growing conditions are excellent in Canada. The market is expecting a good-sized crop and this will keep a lid on canola.

2.     The market is still telling farmers to store grain until the new crop as nov price is higher than nov.

Greg, what’s your Point? How’s this going to help my farm?

This market is a classic fed the bulls market. For the market to keep rallying fundamental news needs to push the market. Otherwise, the technical factors will pull this market lower.

As a farmer now is the time to use targets. As said before anytime this market hits 700 it’s time to make a sale.

Does This Information Change YOUR Market Max Marketing Strategy?

No. Many targets were triggered when the January futures topped out @ 704 on May 29. Sit back and grow the crop.  

Wheat - Market Thoughts

1.     Wheat has just gone through Its first weather market for the year. Problems in Europe and Russia caused a significant rally. It seems the market has digested this news.

2.     Wheat has a nice setup for a strong summer.

3.     India has said that they will be removing wheat import tariffs which basically means India will be importing wheat. Remember India is the second largest wheat producer.

Greg, what’s your Point? How’s this going to help my farm?

Technically speaking wheat is still in an uptrend. It will need news to push it higher so until that happens expect wheat to drift and find a new price level.  Take advantage of the spikes by using targets

Does This Information Change YOUR Market Max Marketing Strategy

No, This week many wheat targets were triggered at good values. Sit back and wait for the next one.  

Wheat HRS - Market Thoughts

1.     The spread between Minneapolis wheat and Kansas has gone from 90 cents down to 46 cents.  This is a reflection of the world wheat production woes

Greg, what’s your Point? How’s this going to help my farm?

Don’t expect the traditional price spread between HRS and CPS.  HRS wheat this year will be more of a function of Kansas wheat. The world wants wheat, it just doesn’t want a high-protein loaf bread wheat.  This means we could see some improving basis levels for HRS as global sellers will have to make up “HRS premium” in their basis.

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 , Wheat

  • Special Report

    • Crop Progress

Market Insights Weekly roundup May 31
Download PDF • 1.21MB

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