Sept Chgo Wheat closed 5 cents lower ($7.24 ½), Dec 4 ½ cents lower ($7.34 ¾) & March 4 ¼ cents lower ($7.42 ¾)
Sept KC Wheat closed 4 cents higher ($7.07 ½), Dec 4 cents higher ($7.18 ¾) & March 4 ¼ cents higher ($7.26 ½)
Sept Mpls Wheat closed 3 cents lower ($9.19 ¾), Dec 4 ¼ cents lower ($9.07) & March 4 ¾ cents lower ($8.93)
Flat price wheat takes a breather today; at least in Chgo and Mpls. KC managed to eke out minor gains. It’s my thought KC is receiving some protein buying in lieu of the higher priced spring wheat. It was noted in last week’s WQC tour that what spring wheat we have it is a very high quality/protein. Chgo was purely a pause from thoughts of a short term over bought. From a technical point of view we may see some additional consolidation, backing and filling of the recent rally just because of the resistance levels we are currently dealing with. I do not think the rally is over especially with questionable production coming out of Russia and questionable quality coming of Europe. It is my idea that US wheat futures will continue to show a firm bias as we move closer to the USDA reports on August 12th.
Daily Support & Resistance – 08/04
Sept Chgo Wheat: $7.14 – $7.42
Sept KC Wheat: $6.95 – $7.25
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