Buying Hours: SWW 8:30am -11am and 2:30pm to 4:30pm (no markets Friday afternoon)
HRW & DNS 8:30am to 11am (no afternoon markets)
8/23/16 - The downdraft continued in futures prices today. Egypt tendered for Sept shipment and didn't like the prices that were offered so the tender was cancelled. That wouldn't have been U.S. business anyway so it's not like that caused prices to slide today. It seems most likely that after breaking last week's uptrend and the 20 day moving average yesterday speculators decided to see how far they could push things and no buying support showed up to keep them in check. Upper river elevators are having to sell wheat in order to keep the doors open for harvest right now which has pressured basis values for nearby 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.
1.8/16/16 Speculators in Chicago wheat futures have built another near record large short position of 130k net contracts. If something happens that causes them to try to cover their position it should provide a sharp rally in wheat futures. 2. 8/16/16 The French and German wheat crops have suffered large losses as a result of June rainfall and the USDA lowered European production 9 million metric tons and traders believe further cuts will come in subsequent reports. 3. 8/16/16 Russian production was hiked by 7 million metric tons on the latest USDA report which was above market expectations. 4. 8/16/16 Falling number problems in the soft white crop is keeping bushels from coming to market when they normally would during harvest and helping to hold basis steady at a time where it should be erroding. 5. 8/16/16 The dollar index broke has fallen back below the 200 day moving average as inflation looks to have slowed which casts doubt on any further interest rate increases fromt he Fed this year.