Weekly roundup - May 10 -2024
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What Happened This Week
1. Flooding in Brazil is threatening Soybeans
2. Dryness in Russia is threatening wheat production. Remember 10 years ago, in 2024, Russia produced 59 million metric tonnes, last year they produced 91.5 MMT and it is expected that the 2024 crop will produce 88 MMT. For reference, Canada only produced about 30 MMT
3. Major rain event over most of the prairies.
That’s a Wrap -Thought Roundup
· This week started strong and ended strong and bullish. This is a very good sign. Much of the strength was driven by the threat of production woes and the short speculators lifting their positions.
· As mentioned before this summer will be one of volatility. Canola is back to moving $10/ day, wheat is moving 25 cents at a time. USE LOFTY TARGETS.
Corn -Technical Thoughts
Rain makes Grain
Weekly Commodity Change
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