Wheat Recap 8/17
Wheat showing some life today, as the big winner in the complex. Lack of any significant domestic news has wheat clinging onto any international rumors or reports. Wheat traders won’t get a taste of anything too real until planting starts.
Weekly exports were out this morning and they didn’t fail to disappoint. 397k MT for the week, just 60% of what was traded a week ago, mostly going to Japan and Indonesia. Japan has been our most consistent buyer as of late.
Further reports coming out of Russia talking about thin stocks. If you remember they have had some major shipment deals with Egypt over the last few days, but rumors are seeing their stocks at a low dating back to 2003. The lack of inventory could again fuel some fires of a regulated border for the country.