
“PENDING” WHEAT TARGET HIT: On 3/20/23 we recommended all producers, regardless of class, push cash sales another 10% if May KC futures hit $8.41 and still another 10% of KC May futures hit $8.58. The $8.41 target was hit on 3/21 and the second target was hit Friday 3/24. so all producers should now be 85% sold on ’22 wheat. NEW WHEAT ADVICE DAY 1: Hedge the first 10% of 2023-crop wheat in your respective new crop month at KC, MGE or CBOT when KC July hits $8.49. NOTE: At that same time, we also advise pricing the final 15% of ’22 crop wheat, regardless of class. Opening calls are mixed, but the grains have the potential to see light follow-through after a strong close on Friday. There is again likely to be an outsized influence from conditions in the outside financial markets. In the Headlines Chinese corn purchases continued last week with daily flash sales announced in 3 out of 5 days and totaling another 463,000 metric tons. Fresh export demand from China comes while total U.S. corn sales are still down 34 percent from last year but with the USDA looking for them to drop 25 percent for…