Morning Wheat Recap 7/31
Wheat posting another strong gain today following fall crops as HEAT and lack of moisture are proving too much for the ailing corn and beans. With a weather forecast that seems to get uglier by the day, this market is struggling to find a ceiling.
Traders are already speculating about the decline in global stocks for the coming months USDA report. Black Sea region has drastically underachieved, as they are dealing with the same issues are current row crops are battling.
Feed Wheat is looking more and more viable domestically and it seems to be attractive going forward through the end of the year as a corn substitute.