17/5/23 Prices

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The Kansas wheat tour is under way this week. The easiest way to follow it is on Twitter #wheattour23.
As expected, NE Kansas is seeing some of the better crops but there are a few crops showing frost damage there. Yields are estimated as the go from field to field and are well back on the average for that part of Kansas. Some of the better crops expected to yield just 2.5t/ha. Further west results are very poor, and deteriorating quickly as the participants push west. Some fields around north central Kansas have been estimated to yield just 0.7t/ha. There are some OK fields though, take a look at the progress on Twitter. Tour state estimates will be available here on Friday our time.

Overnight corn and soybean futures gave back any strength shown in the previous session. The weight of the huge Brazilian crop and the prospect of big bean and corn crops in the US is a major anchor to the grains market.
Selling in the US row crops spilled over into the wheat pit. Soft red winter wheat at Chicago closed 13c/bu lower on the nearby July contract. Kansas HRWW futures were just a few cents lower, finding support from feedback from the ongoing Kansas wheat tour.
Although spring wheat showed some good week on week sowing progress in this week’s crop progress report, progress may not be as swift in next week’s report after heavy rain fell across parts of the US spring wheat belt.
Dry weather in Saskatchewan is also starting to gain traction. Spring wheat values out of the PNW and ex farm Saskatchewan both improved overnight.

Argentina is still hoping for some decent rain to get the winter program underway. The forecast looks better, with 15-30mm expected this weekend.

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