The wheat market started the week sloppy and traded steady to maybe a little lower throughout most of the session. That was up until the close when the soybean complex slipped off of its highs, which resulted in selling to move into wheat. Early in the session, the wheat complex was pressured by a slightly negative export inspections report.
The wheat market started the week off trading lower but found strength to recover to end with minor losses. The wheat market took a large hit the previous week, losing between 30 to 40 cents, while the other grains were only slightly lower.
The wheat market started the week on the defense, trading with modest losses throughout the session. By midsession the wheat markets started to accelerate its losses. By late in the session, the wheat exchanges were trading with double-digit losses and appearing to be heading for a train wreck. The wheat had little news of its own to give it directions. Selling pressure was a result of a sharply higher U.S. dollar. Toward the end of the session, wheat did stage an impressive rally, recovering all it is losses to end with only a minor loss.
The wheat exchanges started the week lower. Pressure from a lower corn market spilled over to pressure the wheat. A stronger U.S. dollar did add to the selling pressure. Fund selling added pressure as most were looking to take profits on the past few weeks’ strength. In addition, traders were positioning ahead of the April 19 crop progress report, which should show decent seeding progress for spring wheat as well as strong crop ratings for the winter wheat.
The wheat markets put in a decent week this for the week of April 8, gaining 14- to 15-cents in the front months. Most of the strength was because of technical recovery as wheat really had nowhere to go but up, especially after Chicago traded to seven straight new lows.
View your ad here! Cost effective targeted advertising. Contextual advertising starting as low as $79/month. This includes targeted ad delivery and search results! Add your business to the Marketplace »