Monday, April 3, 2023 at 3:16:08 p.m. UTC
Top 3 – Things to Watch this week:
1. US grain inventories are slipping slightly more than estimated as per USDA report.
a. US wheat inventories dropped 8%
2. So far three major companies, Cargill, Viterra and Louis Dreyfus are “exiting” Russia. The fine print says they are renaming their Russian divisions to limit exposure.
3. A lot of talk about the US Currency losing its reserve status lately. The conversation is really centered around China, Russia, Saudi Arabia. Regardless how this plays out its causing uncertainty in the markets.
This week’s Action Item:
Kansas Wheat has retested $9.00 bu. There is enough reasons for wheat to stay strong. This will give opportunity to price old crop.