Why Did WHEAT Rally on Monday??

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US Winter Wheat Ratings Decline: US winter wheat ratings dropped sharply last week, with the crop rated 50% good-excellent nationally, down from 55% the previous week and below analysts' expectations. However, it marked the highest rating for this time of year since 2021. Poor to very poor ratings increased to 16%, up from 13% the prior week. The crop's progress in heading also increased to 17% nationally. 🌾📉
US Corn Planting Ahead of Schedule: US corn planting is progressing ahead of schedule, with 12% of the crop planted nationally compared to 10% on average. Notable progress is seen in states like Kansas, Missouri, and Texas. However, some states like Colorado and Michigan lag behind in planting progress. Soybean planting is also ahead of average, with 8% of the crop planted nationally, led by states like Arkansas and Illinois. 🌽🌱
Brazilian Ethanol Arrives for SAF Production: Brazil's first shipment of sugarcane ethanol has reached the US for sustainable aviation fuel (SAF) production at LanzaJet's plant in Georgia. LanzaJet opts for Brazilian ethanol due to its lower carbon score, until US corn ethanol improves its environmental credentials. Several Brazilian mills have met SAF production certifications, indicating potential future shifts in feedstock usage. 🇧🇷🛢️🛫
Strong US Corn Shipments: US corn shipments surged last week, with 1.6 million metric tons inspected for export, marking a 73% increase compared to the same week last year. Soybean shipments remained steady, while wheat shipments decreased from the previous week but rose compared to the same week last year. 🚢🌽
ADM CFO to Resign: The former CFO of ADM, Vikram Luthar, has agreed to resign after being suspended in January amid an SEC investigation into the company's accounting practices. Luthar's departure follows a significant decline in ADM's shares and market value. Despite his resignation, he will receive his annual cash performance incentive award for 2023. 🏦📉📉