STAFF BLOG AG RIGHT A dearth of durum
When I was a kid, we grew durum and hard red spring wheat on our family farm in central North Dakota. I was 9 or 10 when I learned that durum is actually harder than hard wheat. That didn't make sense... Posted on 3/9/12 at 9:34 AM
The wheat markets had losses of 15 to 20 cents last week, following along with the steep losses seen in the row crop markets. Noncommercial money was flowing out of the grain markets ahead of the holiday breaks and year-end.
With the exception of July Minneapolis, the wheat markets traded moderately lower for the week. For the week ending June 14, July Minneapolis gained 25 cents, September Minneapolis was down 5.75 cents, July Chicago was down 8.5 cents, September Chicago lost 7.5 cents, July Kansas City lost 10 cents and September Kansas City was down 10 cents.
The wheat markets traded moderately higher last week. For the week ending June 7, July Minneapolis gained 27.25 cents, September Minneapolis was up 20.75 cents, July Chicago was up 29.5 cents, September Chicago gained 27.25 cents, July Kansas City gained 31.5 cents, and September Kansas City was up 31.25 cents.
The wheat markets traded mostly lower. For the week ending May 31, July Minneapolis fell 33.5 cents, September Minneapolis was down 30 cents, July Chicago was down 36.25 cents, September Chicago lost 33.75 cents, July Kansas City fell 35 cents, and September Kansas City was down 34 cents.
Wheat started last week off on a strong note, but faltered for the rest of the week. For the week ending May 24, July Minneapolis dropped 15.5 cents, September Minneapolis dropped 14 cents, July Chicago dropped 34 cents, and July Kansas City gave up 18.5 cents. Wheat was under pressure from spill-over selling from the other grains as well as from high crop ratings for spring wheat.
The winter wheat exchanges traded higher each day while Minneapolis was higher every day except May 14. For the week ending May 17, July Minneapolis gained 41 cents, September Minneapolis was up 38.5 cents, July Chicago was up 60.75 cents, September Chicago gained 55.5 cents, July Kansas City gained 62 cents and September Kansas City was up 58.5 cents.
Wheat lost ground last week. The winter wheat exchanges traded higher for most of last week but one bad session will force them to leave with small losses while Minneapolis lost ground in every session.
Wheat lost ground big last week on improving conditions. The Wheat Quality Tour is estimating a much better than expected winter wheat crop while crop conditions in the Northern Plains have been close to ideal.
Wheat traded mixed last week with winter wheat exchanges gaining ground while Minneapolis drifted lower. For the week ending April 26, May Minneapolis dropped 23.25 cents, May Chicago was 10.25 cents higher, and May Kansas City was 13.25 cents higher. Weather was the main driver in all exchanges as frost concerns supported the winter wheat exchange while ideal conditions in the north encouraged planting progress.
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