2/22/17 - Wheat futures recovered yesterday's losses and closed above yesterday's highs. It seems that there isn't a pressing need for the speculators to jump back into their wheat shorts at the moment and as we move into the spring with the prospective planting report and crop conditions taking the lead in the market perhaps the picture will look a little better going forward.
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. 2/14/17 Australia reported their final winter wheat production this year at 35.13 million metric tons, an all time record and 5 mmt larger than their previous record. 2. 2/14/17 White wheat ending stocks were reduced 9 million bushels on the latest supply and demand report on higher export demand. 3. 2/14/17 Yemen's wheat stocks will reportedly run out at the end of March which may explain why the government didn't wait until the river was open before purchasing the wheat for donation earlier this year. 4. 2/14/17 Winter wheat acres are the lowest level in 100 years in the U.S., spring wheat planting intentions will be released at the end of March from the USDA. 5. 1/13/17 The river remains closed until March 20th which limits the amount of export business that can be done for white wheat for the remainder of the year.