Wheat gapped higher, with HRW and HRS futures moving to new contract highs after India’s ban on wheat exports. Corn and soybeans also posted strong gains.
Spring wheat futures built on Thursday’s limit-up performance overnight, while corn and soybeans also traded higher. Winter wheat futures eased a bit from yesterday’s strong gains.
Based on U.S. Drought Monitor data as of May 10, 68% of the U.S. winter wheat crop area was experiencing drought, down one percentage point from the previous week.
Soybeans and wheat pulled back from Wednesday’s gains, while corn was mostly firmer overnight. Trade was quiet as traders await USDA’s May crop reports later this morning.
USDA’s May 12 Supply & Demand Report will be the first official release of balance sheets for 2022-23, along with usage adjustments for the old-crop marketing year.
