Spring Wheat Retreats on Tech Selling; Hint of Rain for N Dakota July 6-8th: US wheat futures ended steady to lower with spring wheat falling 14-24 cents amid overbought charts and long liquidation. The attached graphic shows that accelerating HRW harvest across the Plains has had limited impact on cash basis so far. It is…
World Wheat Prices Higher; Outlook Stays Bullish as Spring Wheat Yield Fall: US wheat futures ended 7-27 cents higher, led by spring contracts in Minneapolis. Complete dryness and the return of heat will eliminate what spring wheat yield potential remained across the PNW and N Plains. Spring wheat crop ratings fell to just 20% good/excellent,…
Spring Wheat Continues Rally; Winter Contracts Follow Corn: US wheat futures ended mixed as liquidation persists in CBT and KC markets while spring wheat futures were forced to add weather premium. Spring wheat’s issue now includes eroding yield potential in Canada/Black Sea region as similar heat/dryness persists in both areas. The graphic below shows the…
US Wheat Futures End Mixed; New Threat to Canadian Production Emerging in Form of Heat: Winter wheat futures ended weaker amid a lack of input and as harvest accelerates. Spring wheat futures ended higher as the spring market’s goal of encouraging imports and encouraging acreage expansion only occur at much higher prices. Concern over crop…
Spring Wheat Futures Rally on Supply Fear Due to Drought; Winter Wheat Futures Follow: US wheat futures ended higher with spring wheat contracts pacing the advance. A host weather-based yield models suggests US HRS production this year will drop below 370 Mil Bu. This pulls US HRS stocks down to just 100 Mil Bu –…
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