Wheat, especially KC wheat, was thumped Friday because European weather model predicts heavy showers for hard red winter wheat area.
Russia’s central bank cut their key interest rate from 17% to 14% yesterday, which was a considerably larger cut than expected. The Russian ruble continues to rally as it gains on all other currencies.
Eurozone (countries using the euro currency, which are NOT all the EU countries) inflation hit 7.5% in April, up from 7.4% in March and the sixth consecutive month with a new all-time high inflation range. First quarter GDP is estimated at a lowly 0.2% increase.
May soybeans on China’s Dalian Exchange are the equivalent of $21.83 per bushel. Here is a summary of the major commodity price changes in China this past week. Note red colored numbers are the percent increase and green colored numbers are the percent price decrease. Note what palm oil price did: