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Nidera Australia's Peter McMeekin says US wheat and corn futures have been range-bound for weeks as the market looks for a new driver. Southern Hemisphere harvests are starting, and US corn and soybean harvests are advancing.
The latest WASDE put 2017/18 world wheat output above 751 Mt, only 3 Mt below last season's record, with carry-out forecast at a record 268 Mt.
Record world wheat supplies and a record carry-out keep the downside pressure on prices, while the lack of a new catalyst leaves the market directionless until Argentine and Australian supply becomes clear.
graincentral.comGuest AuthorOct 24, 2017Not 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.
