4/21/17 - Another kind of ugly day in the grain futures markets. Chicago wheat hit $4.00 before bouncing into the close and white wheat prices slumped a little further as exporters that didn't do the CCC business pulled back bids as they try to see if additional old crop demand shows up. Hopefully at these lower prices buyers will begin to show additional interest.
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. 4/13/17 The most recent USDA supply and demand report this week showed larger U.S. and World ending stocks for basically everything further cementing the bearish fundamental grain situation. 2. 4/13/17 Wet weather in the corn belt is preventing an early start to planting however it is still very early, the extended forecasts also look wet however. 3. 4/13/17 Speculators are near record short in Chicago wheat futures which could provide a decent rally if there is a news item to drive them to cover their positions. 4. 3/31/17 The prospective plantings report showed a 300k acre decline in spring wheat acres this year vs. last year which was expected by the market. Corn acres were 1 million smaller than expected and soybeans 1 million larger. 5. 3/15/17 Australia's wheat production this year was an all time record 35 million metric tons.