May Chgo Wheat closed 10 cents lower ($6.24 ¾), July 7 ½ cents lower ($6.18 ¾) & Sept 5 ¾ cents lower ($6.18 ½)
May KC Wheat closed 5 ¾ cents lower ($5.76 ¼), July 6 cents lower ($5.82 ¼) & Sept 5 ½ cents lower ($5.88 ½)
May Mpls Wheat closed 3 ¼ cents lower ($6.27), July 2 ¾ cents lower ($6.36 ¼) & Sept 3 ¼ cents lower ($6.42 ¾)
Weekly Wheat Export Sales – old crop vs. 150-500 K T. expected – new crop vs. 50-200 K T. expected
So much for yesterday’s knee-jerk rally. It seems many of the world’s exporters have wheat for sale and prices are coming down. I’m told Russian prices dropped $9 per T. in one day. When everyone has wheat for sale that usually means lower prices. I’m also hearing that winter wheat from the World’s exporters is coming out of dormancy in good conditions with no threats on the horizon. Yes, there has been a flurry of feed wheat business but as of this writing it has had limited impact. Last but not least the continued strength in the US dollar keeps US origin out of competition. I’m not hearing much talk one way or the other about the upcoming Quarterly wheat stocks report. As far as acreage is concerned most eyes will be on the spring wheat acres. Will we lose acres to corn and/or soybeans?
Daily Support & Resistance – 03/25
May Chgo Wheat : $6.20 (?) – $6.38
May KC Wheat: $5.68 – $5.90
The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.