Wheat Recap 8/16
Weak was slow to step in line with complex today Trading both sides but mostly higher. An overall lack of significant and new fundamentals has traders wavering on the direction of the market. It feels like a Wednesday “stop-loss” after the past couple sessions of trading lower.
The only real action we have seen this week is globally as we have watched Russia and the Black sea region offloading shipments to Egypt. It is interesting to note Russia Currently has no Offer for October, which still makes you wonder how they look to move wheat, if any, going forward into the crop year.
The past few days we have seen nice rains throughout the state of Kansas as well as many areas looking to plant wheat this fall. We are far from being in the clear, but the current pattern looks much more generous for drilling this new crop.