Wheat started the week of Oct. 11 higher with strength spilling over from a sharply higher corn and soybeans market. But wheat was unable to hold onto its gains and turned out to be the weakest link of the grain trade. The wheat market has turned to be a follower of the other grains as its own fundamental picture is negative. The only positive items for wheat have been the lower U.S. dollar and rallying corn and soybean markets.
Wheat opened the week of Sept. 20 higher, with support coming from the strength of other grains. Additional support was because of the recent frost scare in Canada and from news that China might have been nipped by a slight frost. By midsession, technical selling pushed all three wheat exchanges lower.
Wheat started the week with double-digit gains. Early support was a result of a lower U.S. dollar, which should encourage exports. Light support came from last week’s strong export shipments pace. Exports are what the wheat exchange needs to help keep it firm, and that is just what a USDA report gave the market: strong shipments. News that most of Russia remains dry and Canada could experience a frost this week adds support.
Wheat started the week higher to sharply higher with most of the early session strength coming from weather concerns overseas. Rain has been slowing harvest activity in Europe and now is starting to cause quality concerns. In addition, dry concerns are starting to pop up in Australia. Gains were trimmed late in the session do to technical selling.
Wheat started the week on the defense as weather forecasts are now calling for cooler temps and rain for parts of Russia. This news started the wheat exchanges on the defense, but once wheat traded 15 cents lower, sell stops were triggered and losses accelerated to 30 to 35 cents lower.
The wheat exchanges started the week of July 12 mixed with most of the early selling pressured tied to the lack of news. The wheat exchanges have been able to stage a very impressive rally the past few weeks with most of the buying coming from the funds as they work some weather premium back into the wheat. News of concerning weather in the Black Sea region and in Europe added to the strength.
Wheat started the short week higher with much of the strength coming from production concerns in the Black Sea region and issues in the European Union helped to added early strength to the wheat exchanges. Late in the week wheat was supported by fund buying and short covering.
The wheat exchanges started the week of June 21 higher with much of the early support spilling over from the higher corn and soybean. Additional strength was because of continued concerns about Canada’s weather as more rain fell during the weekend, further delaying any chance of getting the crop planted.
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