Teucrium Wheat Fund (WEAT)

[realfast95]

Wheat Futures Market News and Commentary
Double Digit Drops for Wheat Market
Barchart - Tue May 24, 4:52PM CDT

Kansas City HRW wheat futures led the descent on Tuesday with 2.78% to 3.04% losses. Chicago wheat futures were also down 2.3% to 2.96% on the turnaround Tuesday. Spring wheat closed the day 20 1/2 to 21 3/4 cents in the red. Oats Futures Prices firmed up on follow through strength out of the weekend, going home with a 7% gain in the July contract. At $6.74 1/4, July oats were nearly 50% of the way back to their April LoC high.

Reports from the Rosario Board of Trade suggest Argentinian wheat farmers have forward contracted 8.2 MMT of wheat for export. That compares to 2.4 MMT at the same point last year and 1.4 MMT in 2020/21. Rosario Grains Exchange cites the urgency to book wheat to the global market before the export quota is filled. 22/23 wheat planting in Argentina is in the beginning stages. Wheat planting is also underway in Brazil, with CONAB reporting 16.2% of the crop was planted as of 5/14.

Jul 22 CBOT Wheat closed at $11.54 3/4, down 35 1/4 cents,