Tidbits, May S&D, Wheat Pricing, U.S. Inflation, China & Iran 5/13/26
- Wright team
- May 13
- 4 min read
Tidbits
Yesterday’s S&D was decided bullish for wheat, friendly for soybeans and longer term friendly for corn because the world corn carryout on 31 August 2027 is projected to be a 77 day supply. Four years ago this week, December corn traded to $7.66 with the world new crop corn carryout projected to be a 94 day supply. Granted, the U.S corn carryout that year was projected to be 34 day supply whereas this year’s domestic new crop corn carryover is projected to be a 44 day supply. Corn prices four years ago were boosted by July wheat trading to $12.84 this week because of the war in the “Breadbasket of the World” that started on 24 February.
Old crop carryovers were just about as expected for everything except world wheat was 3.8 million mts less than expected and 2.8 million mts less than the lowest estimate.
That small old crop wheat carryover and short new crop production made the new crop wheat world carryover just above the lowest estimate and well below expectations.
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