Wheat opened Monday’s session steady to higher with Mpls steady while the winter wheat exchanges forged higher. Technical buying and profit taking were the main features early in the session. Weather forecasts calling for much above normal temps for the Southern Plains helped support KC. Chicago was supported by reports of heavy attacks in Russia and Ukraine with Russia’s bombing focused on port facilities in Odessa. Technically wheat is at or near contract lows and oversold. Thin light trading might help wheat recover some of the past few months selling pressure.
In Tuesday’s session wheat opened lower in all three exchanges. Trading volume was thin and light as the three exchanges only saw a 2 to 3 cent range overnight. KC was the best performer due to weather forecasts calling for record warm temps and dry conditions for the Southern Plains. Mpls and Chicago traded mixed throughout the session with spread trading pressuring Mpls while Chicago saw support from another ramp up in the war between Ukraine and Russia. SovEcon is estimating Russia winter wheat acres at 39.8 million vs 40.0 million last year. Spring wheat acreage is estimated at 26.4 million vs 27.4 million last year. Production is estimated to drop to 83.8 MMT vs 88.8 MMT last year. Light support came from a lower US dollar, which traded to 2 and a half month lows.
Wheat opened Wednesday’s session mixed with the winter wheat exchanges higher while Mpls started the session lower. Support continues to come from the continued escalation in the Russia Ukraine war. Although with peace talks taking place, Russia and Ukraine continue to stage aggressive attacks on each other. Which questions whether there is a path to peace between the countries. Support is also due to a lower US dollar. Weather forecasts calling for much above normal temps for the US Southern Plains added support. Thin light trading and the fact that wheat is oversold added support.
March MIAX MW support is $5.65, March Chicago wheat support is $5.08, March KC support is $4.99.
For the week, March Mpls MIAX was at $5.7925 up 1.25 cents, March Chicago was at $5.19 up 9.25 cents, March KC was at $5.335 up 18.25 cents.
Wheat Weekly Comments December 26
Wheat Weekly Comments December 26
Wheat opened Monday’s session steady to higher with Mpls steady while the winter wheat exchanges forged higher. Technical buying and profit taking were the main features early in the session. Weather forecasts calling for much above normal temps for the Southern Plains helped support KC. Chicago was supported by reports of heavy attacks in Russia and Ukraine with Russia’s bombing focused on port facilities in Odessa. Technically wheat is at or near contract lows and oversold. Thin light trading might help wheat recover some of the past few months selling pressure.
In Tuesday’s session wheat opened lower in all three exchanges. Trading volume was thin and light as the three exchanges only saw a 2 to 3 cent range overnight. KC was the best performer due to weather forecasts calling for record warm temps and dry conditions for the Southern Plains. Mpls and Chicago traded mixed throughout the session with spread trading pressuring Mpls while Chicago saw support from another ramp up in the war between Ukraine and Russia. SovEcon is estimating Russia winter wheat acres at 39.8 million vs 40.0 million last year. Spring wheat acreage is estimated at 26.4 million vs 27.4 million last year. Production is estimated to drop to 83.8 MMT vs 88.8 MMT last year. Light support came from a lower US dollar, which traded to 2 and a half month lows.
Wheat opened Wednesday’s session mixed with the winter wheat exchanges higher while Mpls started the session lower. Support continues to come from the continued escalation in the Russia Ukraine war. Although with peace talks taking place, Russia and Ukraine continue to stage aggressive attacks on each other. Which questions whether there is a path to peace between the countries. Support is also due to a lower US dollar. Weather forecasts calling for much above normal temps for the US Southern Plains added support. Thin light trading and the fact that wheat is oversold added support.
March MIAX MW support is $5.65, March Chicago wheat support is $5.08, March KC support is $4.99.
For the week, March Mpls MIAX was at $5.7925 up 1.25 cents, March Chicago was at $5.19 up 9.25 cents, March KC was at $5.335 up 18.25 cents.