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Recent rains improved moisture for the Southern Plains winter wheat crop, according to RML Trading, which describes the wheat market as in a downtrend after a double top. Dryness in the Northern Plains and Canada is raising questions for Minneapolis spring wheat.
Spring wheat acreage demand is weak and world wheat supply estimates have eased only slightly.
Improved Plains moisture reduces weather risk and supports a bearish near-term tone for wheat. Northern Plains dryness is the main upside risk to spring wheat prices.
rrfn.comCarah HartMar 25, 2021Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
