India banning most wheat exports.
Wheat continues to bully its way higher as the global wheat export market continues to tighten. India put a partial export ban of wheat on this weekend but will be willing to consider offers from countries with food security issues. Then they sold 500K tons of Egypt as they are not part of the curbs so we will be watching who gets approved for purchases. The news of the ban shot wheat limit higher last night on the open and is 58 cents higher now. This pulled corn and soybeans both around 15 cents higher. This afternoon we will get a fresh planting progress and we will see how much was done last week. We will be watching the 50% done mark in corn and 35% in soybeans. Markets should remain supportive but if we see wheat turnover we could see a pullback.
View Report Now