Wheat DWN and Canola UP
Monday, February 27, 2023 at 4:20:58 p.m. UTC
Money Making Mondays
Top 3 – Things to Watch this week:
1. China is pressuring Russia to keep the Black Sea shipping open. Bearish to wheat. Looks like May Kansas futures is headed back to $8.009
2. USDA released preliminary planting intentions and production numbers. The USDA is very optimistic.
3. Overall market sentiment has turned bearish and “big money” is exiting their long positions.
This week’s Action Item:
In the cash market in Canada, the bids are slowly decreasing. The feed barley and wheat market dropped about 25 cents last week and this morning. Farmers are starting to throw in the towel and sell their feed grains.
November Canola is still quite strong and stable around that $800/mt market. With a zero basis that still equals $18.14/bu