Ray Grabanski, Progressive Ag
Wheat The wheat market started off the week with nice gains in holiday-thin trade volume on news that excessive rains in the wheat growing regions of Argentina would affect quality. Other reports of fungal disease affecting wheat quality came in from Brazil's primary wheat growing area that also experienced heavy rainfall. The wheat complex did an about-face in Nov. 13 trade heading lower as weekly export inspections were at the low end of expectations coming in at 342,000 metric tons, or 12.6 million bushels.
Wheat The wheat market traded choppy to sideways this week as numerous news items gave the bull camp and the bear camp ammunition. Minneapolis December touched and backed off of $5.89 for the third time in the last two weeks but did manage to maintain $5.80. The Chicago and Kansas City markets acted in similar fashion with $5.10 to $5.13. December resistance levels are holding firm but psychological support at the $5 levels are holding in Chicago.
Wheat The wheat market traded very choppy this week as poorer than expected conditions ratings fought with a surging U.S. dollar.
Wheat The wheat market started the week positive but backed off on technical selling. Planting pace slowed a bit in the past week but is listed at 65 percent complete compared to 67 percent complete for the five-year average. Emergence is 44 percent compared to 41 percent for the five-year average.
Wheat The wheat market started the week under pressure as the Russian Ag Minister stated that 1.5 million metric tons of grain will be sold out of their reserves this month. The reason given was to lower storage costs. With the poorer quality they have experienced during harvest, this move was viewed by the trade as a gimmick to spur internal grain movement so they don't lose export market share.
Wheat The wheat market was showing slight gains to open the week when an announcement regarding the potential curtailing of Russian wheat exports gave the market a good shot in the arm during Oct. 2 trade. The market announcement stated that 30 grain loading points in the Krasnodar and Rostov area could face 90 day suspensions if violations of phytosanitary rules are confirmed.
Wheat The week market saw mostly positive action in overnight sessions this week only to be met with negative sentiment during day trade. It was a sideways to overall lower pattern for the week. The wheat market saw 4- to 9-cent gains in overnight trade Sept. 23-24, but backed off for minor gains to start the week on news the National Bank of Australia estimates Australian wheat production at 18.1 million metric tons, down from 18.4 million metric tons last month. The U.S. Department of Agriculture is currently at 20 million metric tons.