SWW 8:30am -11am and 2:30pm to 4:30pm (no markets Friday afternoon) HRW & DNS 8:30am to 11am (no afternoon markets)
1/30/15 - Speculative funds are short wheat futures and are pressing prices lower today to dress up the books for the end of the month. Chicago futures have dipped below $5 without much follow through to this point. The close should be pretty volatile. White wheat remains relatively resillient on tight stocks and good export business.
The Weekly Top Five
These are the 5 biggest issues that NWGG feel are affecting today's markets and items to watch for as we progress through the year.
1. 1/22/15 White wheat ending stocks for this year are projected at 33 million bushels which is extremely tight and should support prices going into the spring in spite of weakness in Chicago wheat futures. 2. 1/22/15 Russia has imposed a tariff on wheat exports starting Feb. 1. Their supplies are not exactly tight and they are instead using this as a way to keep prices down internally in order to combat inflation caused by their currency losing so much value recently. 3. 1/22/15 Export business for soft white wheat has been very good relative to what is needed to meet the USDA's projected totals for the year and will actually have to slow down in order to not draw down ending stocks any further. 4. 12/3/14 Australia downgraded their projected wheat production to 23.2 million metric tons, the USDA has them at 24 MMT. Further declines are likely however not to levels that will cause any widespread market concern at this point. 5. 11/11/14 Rail freight prices have continued their decline which has placed pressure on the high basis levels we've been enjoying lately for HRW and DNS.