The grain markets have turned higher at about 5:30 a.m. this morning when India announced it would be restricting wheat exports as record heat takes a toll on the 2022 wheat crop. Wheat prices shot higher, pulling corn and soybeans higher as well.
The other news out this morning is minimal. Tomorrow is the USDA Export Sales report. I will be closely watching wheat exports to see if high prices, the high U.S. dollar, and increased shipping costs again result in disappointing wheat exports.
At this time, July corn is up 3 cents. For the first time in 10 sessions, December 2022 corn is unchanged. July soybeans are up 4 cents, with November up 1 cent. Wheat futures are 15 to 36 cents higher.
There is still hope. I talked with a long-time customer who farms in SE Minnesota this morning. The last two years he finished planting corn at the end of April. His yields both years were 206 bushels per acre. In 2018, he was done planting corn on May 10, and his yields that year were 230 bushels per acre. “We have a lot of this crop year to go. At least I have plenty of subsoil moisture now in the bank,” he told me.
In the outside markets, crude oil is up $4.40 per barrel. The U.S. stock market is higher, and livestock futures are mixed.
About the Author: Al Kluis has been a commodity advisor and broker since 1976. Kluis is an introducing broker with Wedbush Futures and writes a column, Your Profit, which appears in every issue of Successful Farming magazine. Kluis has published two books on commodities trading and is commonly quoted in major publications including the Wall Street Journal. He is also a featured speaker at commodity conferences nationwide. Kluis is a frequent market analyst for the Linder Farm Radio News Network. A Minnesota farm boy, Kluis was awarded his degree in ag economics from the University of Minnesota in 1974, after which he was executive director of the Minnesota Soybean Association before entering the markets full-time. His family still farms in southwest Minnesota, and Kluis enjoys helping with fieldwork when the markets allow.
