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A June 2 advisor commentary says weather dominated May markets, with US corn and soybeans planted ahead of average pace. European and Black Sea wheat estimates rose, and an aggressive price war cut Russian wheat from $275 to $225 per tonne over the month.
US SRW lost almost 10% in May, and Kansas HRW was tracked at a 66-year low.
Heavy Black Sea and European supplies with large carryover stocks keep wheat export prices under pressure, which favors cheap wheat for feed use. Early US planting supports expectations of normal corn yields.
iasg.comChad BurletJun 2, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
