Market Update: Wheat Dips on Improved Weather, Corn and Soy Hold Gains

Price Movements (as of Tuesday):

• 🌾 Wheat (CBOT Wv1): $5.46¾/bushel (-0.1%), extending losses on favorable U.S./EU weather forecasts.
• 🌽 Corn (Cv1): $4.86/bushel (+0.2%), holding near 7-week highs on strong exports.
• 🌱 Soybeans (Sv1): $10.40¼/bushel (-0.1%), supported by weak dollar but capped by China’s absence.

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Key Drivers:

1. Weather Relief:
   • Rain forecasts for U.S. Plains, France, and Germany ease drought fears.
   • 32% of U.S. winter wheat remains drought-affected (vs. 15% last year).
2. Global Pressure:
   • Russian/EU wheat prices fell on improved crop prospects.
   • Euronext May wheat hit a 1-year low.
3. Demand Signals:
   • U.S. export inspections beat expectations for wheat/corn.
   • China still avoids U.S. soy/corn amid trade tensions.

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What’s Next?

• U.S. Crop Conditions: USDA’s next report (April 15) may show further wheat stress.
• Argentina’s Tax Policy: Potential June export tax hike could spur pre-deadline soybean sales.
• Ukraine’s Harvest: 8% larger grain output expected (APK-Inform), adding to global supply.