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Canada Know-Risk Market Outlook | Grains & Oilseed Decline Continues

By: Craig Turner, Senior Risk Management Consultant

Banner Grains & Oilseeds
 
Canada Know-Risk Market Outlook 
 
Craig Turner
Office: 312-706-7610
Twitter: @Turners_Take
Network: LinkedIn
 

Canola down 4, soybeans down 6, corn down 5, HRS down 10, HRW down 14, SRW down 10.

GRAINS & OILSEEDS | The CBOT is lower again as technical support levels are taken out.  July corn is now below $6.  Spring wheat is under $8.  Nov soybeans are testing $12.60.  Rain in the US Plains, decent corn and soybean planting progress, and low demand are all reasons for the market to sell off.

Cargill executives have noted lower than expected demand from China for Brazilian soybeans.  China cancelled more US corn sales this morning.  Chicago May Wheat is trading $6.14, which is the lowest spot price for SRW since harvest lows were made in July of 2021.  Bulls need some export activity to stop the bleeding.

First notice day is tomorrow for May futures.  Traders with long positions need to decide to roll forward or exit completely.  The market is bearish but we are also early in the planting season.  The old saying is a bull market needs to be fed every day when you have high prices.  Grains and oilseeds need either more demand news or weather issues to turn around.

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