Markets Now Closes - 4/23 Wheat Hits New Highs on Weather, Row Crops Can't Follow: Cattle Bottom

Why It Matters

The wheat rally underscores persistent supply risks that could tighten global balances and force rationing, while corn’s inertia and soybean technical volatility highlight the market’s sensitivity to weather, farmer marketing patterns, and energy-linked demand for vegetable oils—factors that will influence planting, exports, and commodity-driven inflation.

Summary

Wheat surged as Kansas City HRW staged a technical breakout above the weekly 200-day moving average, reopening a path toward May 2024 highs and pushing prices toward the $7 range amid weather-driven supply uncertainty. Corn was essentially flat as abundant supply and farmer selling timelines keep markets subdued, while earlier Iran-related volatility has faded. Soybeans retreated on technical selling after a failed breakout, though bean oil remains strong on tight domestic demand and rising crude. Livestock closed mostly higher on the day.

Original Description

Garrett Toay, AgTraderTalk