Wheat Recap 8/27
Wheat following corn values with a late session push to take almost a quarter out of the market today. The lack of fresh fundamentals in the market had traders following the Current Pro Farmer crop tour. It is interesting to note how Twitter and other social media alike are able to influence market direction, as reports came out of the tour with better looking Fall Crops in the northern belt.
Export market showed a little life up 19% from the previous week at 468,800 MT’s. This number is still low with respect to the running 4 week average. (See Chart)
Global outlook on wheat still looks Bearish as Russia continues to lower production numbers. In their most recent announcement they went out of their way to reassure that they plan to export as normal. Affirming an embargo or regulating the border is not on the horizon. Australia remains Dry. South America is the only shining star as they are receiving timely moisture.