Well the numbers are in and the market reaction was interesting as between the acreage estimates and quarterly stocks we seen wheat shoot higher on the initial data dump then turn negative.

It is Friday, March 31 and we have a huge USDA report out later in the morning at 10am which only leaves the market 2 hours to trade the data before closing for the weekend. Markets were relatively quiet yesterday on anticipation of the report coming out today.

The wheat market started the day off strong but pulled back and finished slightly lower. As mentioned yesterday Cargill will be pulling out of Russia July 1 but operations of the facilities will continue under Russian management and later in the day it was announced that Viterra will also be pulling out as well.

Markets had another strong day as the momentum keeps pushing grains higher. There wasn’t any real breaking news other than the market is getting ready for Fridays acreage report.

Wheat continues to impress as the market is still somewhat chewing on the comments made by Russia about halting exports. As I mentioned yesterday there was more to just halting exports as the Russian Govt wants to ensure prices stay at or slightly above the cost of production for the Russian farmer and industry.

It was an interesting week so to speak and the markets finished off Friday strong as we headed into the weekend.

Markets started the day looking like things were turning around but only lasted short while as it turned red and continued lower. This market is relentless on testing my patience!

The wheat market finished the week off with uncertainty of whether or not there would be an extension of the Ukraine/Russia Export deal.

China is on a roll with US corn purchases which supported the corn market with some spill over in the wheat market. Over the last 3 days China has purchased a total of 1.92mmt from US.

Despite everything going on in the outside markets grains held together rather well all things considered. The wheat market has made some decent gains after last weeks sell off which it lost about $1.00/bu over the last couple weeks.

Wheat finally got some traction on Friday after being on a losing streak for the past while. The big news out of Friday was out of the banking sector which The Silicon Valley Bank is in big trouble which caused a stir in the stock market.

The beatings will continue until morale improves. That seems to be the theme of the markets this past week.

Well the USDA report came out and for wheat there really wasn’t much for changes but wheat did come under pressure but that was more so from the corn market along with a stronger USD.

Markets were mostly in the red with the exception of CBOT wheat and KC Wheat which were basically the lone survivors of the general sell off. First off there needs to be a correction from yesterdays email as I mentioned the Bank of Canada has their interest rate announcement which is actually today not yesterday.

Wheat was weaker on the day as there was news over the weekend about the Ukraine Grain Export corridor.

Markets finally made a decent turnaround with wheat starting to recover some of the losses seen over the last few days.

Markets finished the day off mostly higher with the exception of spring wheat which was only down $0.03. For wheat there hasn’t been any exciting news to entice a rally as of yet as trade flow out of the black sea has seen little to no disruptions.

It wasn’t a turn around Tuesday for wheat but it wasn’t a continued losing streak either. The wheat market did start the day off under pressure but did manage to find a bottom so to speak.

Market sell off continued Monday following Fridays price action. For wheat a few things are in play that have weighed heavy on it.

Markets were under some pressure as USDA Ag forum came out with some pretty optimistic numbers for acres and production more so in corn and wheat and not so much for soybeans. Will see how these number hold up in the mat report.