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Recent trading activities in the agricultural commodities market show an increase in wheat and corn prices, with wheat reaching its highest level since February 2023. Soybean trades out of the US have hit new highs for June and July shipments, while soybean farmer selling in Brazil has improved. Funds have been selling corn contracts but buying wheat contracts. Market experts note a bullish trend in wheat, with prices flirting around $7.00 and a potential move to $7.15. Corn prices are also on the rise, with a 0.8% increase reported. Weather-related factors continue to impact corn, soy, and wheat prices.
Highs today were right at that $7.15 implied move on the bull flag we had been mentioning 🌾 🎯 Long term still think wheat has crazy potential. But this is a great spot to do something especially for those that will have to move stuff soon or off the combine and/or need cash.… https://t.co/TYgyuFPCJd
MORNING MARKET REVIEW: Weather markets reign supreme. Corn, soy, and wheat all inch higher amid global weather turmoil. Today's commentary: https://t.co/x1O0077u4I ✅ Sign up for daily market newsletters from the Farm Futures team: https://t.co/kzR9IrUgwh https://t.co/eZggEKhltY
Soybean farmer selling in Argentina may slow down. Soybean FS in Brz lost momentum in the last few days. FS in Apr closed with a weekly average of 3.3 Mi tons. Early May was strong too, avrg 3.1 Mi t in the first two weeks. Last week dropped to 2.3 million, and this week is even… https://t.co/IzCswj8pH2
