“Prices recovered late closing $.01-$.03 higher across the 3 classes. Spreads were mixed. CGO July-26 managed to close back above $6.00 for a second consecutive session. KC July-26 has resistance at last month’s high of $6.62 ¼. World Weather doesn’t expect freezing temperatures late this week to be low enough for long enough to seriously impact the HRW crop. Drought conditions in the far western Plains continue to deepen however as rains have stayed east. EU soft wheat exports as of April 12 at 18.57 mmt are up 8% YOY. Awaiting results of Algeria’s 50k mt tender for durum wheat. Export sales are expected to range from 6-18 mil. Bu.,” stated Mark Soderberg with ADM Investor Services.
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