To start the week wheat opened the session steady to lower but brushed off the early selling pressure and pushed higher throughout the overnight session. Technical buying and spillover support from Friday helped push wheat higher. Light support was due to weather forecasts calling for warmer temps to move into the US Southern Plains over the next few weeks. This has traders concerned about winter kill. Gains were trimmed once the day session started with selling spilling over from the selloff in corn and soybeans.
In Tuesday’s shortened session wheat opened the overnight session lower and extended session losses throughout the night and into the short-day session. Forecasts calling for rain for the US Southern Plains pressured wheat as it will help alleviate any issues possible from next week’s warm temps. Technically no damage was done to wheat.
After the holiday, wheat opened Thursday’s session higher and extended session gains. Early support came from reports that IKAR officials are expecting Russia will only export 41 MMT of wheat in 2025 vs 47 MMT the previous year. Russia’s Ag Stats Agency Rosstat is estimating Russia’s wheat production at 82 MMT, a decrease of 13% year over year. Technical buying added support as all three wheat exchanges saw wheat bounce off major support lines. Mpls March is back flirting with $6.00.
USDA’s projected per acre payment for the $10 Billion Ag Economic Program for wheat is $31.80. Barley’s payment is projected at $21.76. Oats’s payment is estimated at $78.42.
Target $6.85 to advance sales.
March MW support is at $5.85 while resistance is at $6.25.
For the week, Mar Mpls was at $5.9525 up 5.0 cents, Mar Chicago was at $5.465 up 13.5 cents, Mar KC was at $5.545 up 9.75 cents.
Wheat Weekly Comments Dec 27
Wheat Weekly Comments Dec 27
To start the week wheat opened the session steady to lower but brushed off the early selling pressure and pushed higher throughout the overnight session. Technical buying and spillover support from Friday helped push wheat higher. Light support was due to weather forecasts calling for warmer temps to move into the US Southern Plains over the next few weeks. This has traders concerned about winter kill. Gains were trimmed once the day session started with selling spilling over from the selloff in corn and soybeans.
In Tuesday’s shortened session wheat opened the overnight session lower and extended session losses throughout the night and into the short-day session. Forecasts calling for rain for the US Southern Plains pressured wheat as it will help alleviate any issues possible from next week’s warm temps. Technically no damage was done to wheat.
After the holiday, wheat opened Thursday’s session higher and extended session gains. Early support came from reports that IKAR officials are expecting Russia will only export 41 MMT of wheat in 2025 vs 47 MMT the previous year. Russia’s Ag Stats Agency Rosstat is estimating Russia’s wheat production at 82 MMT, a decrease of 13% year over year. Technical buying added support as all three wheat exchanges saw wheat bounce off major support lines. Mpls March is back flirting with $6.00.
USDA’s projected per acre payment for the $10 Billion Ag Economic Program for wheat is $31.80. Barley’s payment is projected at $21.76. Oats’s payment is estimated at $78.42.
Target $6.85 to advance sales.
March MW support is at $5.85 while resistance is at $6.25.
For the week, Mar Mpls was at $5.9525 up 5.0 cents, Mar Chicago was at $5.465 up 13.5 cents, Mar KC was at $5.545 up 9.75 cents.