The wet conditions continue to hamper operations in NE Arg but dries in the
SW part of the country with some harvest resuming next week. As the storm system moves north, it is expected to give some relief to the drier areas of the southern Brazil safrina crop.
Short covering in wheat hit day 3 hard yesterday with total gains approaching 50-cents over that 3-day period. With wheat, you have to ask whether we really need this big a rally in the face of burdensome supplies, lackluster export demand and better than normal crop conditions in US winter wheat. It's difficult to pick a top, but in the case of wheat we have blown thru some key levels and made our export deals even less competitive in the world's eyes.
WEEKLY EXPORT SALES
OC-Act OC-Exp NC-Act NC-Exp
Corn 1202.8 900-1,200 123.1 100-200
Soybeans 407.7 100-200 339.7 200-500
Wheat 295.1 0-300 325.6 100-250
The risk of trading futures, hedging, and speculating can be substantial. Grain Hedge is a Branch of Foremost Trading LLC (NFA ID: 0307930)
