HRW: + 10 cents each 1/2% above 11.5% to 13.0%; - 15 cents each 1/2% below 11.5%

DNS: + 3 cents each 1/4% above 14.0% to 15.5%; - 7 cents each 1/4% below 14.0%

SWW: + 0 cents each 1/10% below 10.5%; - 0 cents each 1/10% from 10.5% to 12.0%. Max = -$0.00

** CLUB WHEAT MAX 10.5% PROTEIN ONLY **

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May 02, 2025 Market Email:    https://s3.amazonaws.com/media.agricharts.com/sites/2446/Markets_AM_05_02_25.pdf

Wheat futures are trading higher this morning, up 12 to 15 cents in the J-U-L-Y 2025 futures. The trade is calling this a "technical bounce" which is what we've been anticipating each time the wheat futures would close down at a new contract low. Looks like the low prices were enough of a lure to attract some profit-taking on a lot of the short positions (Sell high - Buy back low) and maybe some bargain hunters that want to establish a long position at the contract low and ride it higher (Buy Low - Sell High). We've seen hints at this in some of the overnight sessions but it looks like there is a lot more follow-through this time. We'll have to see if the new direction can be maintained but there is a lot going on in the weather, trade wars, and geo-political fronts. The US Senate barely blocked a measure that would have repealed Trump tariffs, with the vote ending up 49-49. China has been reluctant to negotiate a trade deal with the uncertainty of what the landscape will be after the dust from the political infighting settles. Despite the uncertainty, Beijing still regards Trump as the "most powerful figure in the foreseeable future," according to one senior official. But for now, China's message is clear: it will not negotiate under conditions of ambiguity - or weakness.

U.S., Ukraine strike deal to share mineral revenues amid war uncertainty... The Trump Administration announced a deal with Ukraine to jointly manage and share future revenues from Ukraine's vast mineral reserves, establishing a bilateral investment fund. The agreement, signed by U.S. Treasury Secretary Scott Bessent and Ukrainian Deputy Minister Yulia Svyrydenko, is part of Trump's broader ain to tie U.S. economic interests to Ukraine's postwar recovery while avoiding explicit security guarantees. Under the agreement, a joint U.S. / Ukraine fund will invest in mining and reconstruction, with equal voting rights; Ukraine retains legal control of its resources with profits to be reinvested domestically; and U.S. companits are expected to gain access to Ukraine's critical minerals sector.

Cash Futures Prices: Chicago J-U-L-Y is up 12 at 543 KC J-U-L-Y is up 13 at 540 and MPLS J-U-L-Y is up 15 at 610. US Dollar is trading 0.46 lower at 99.79.