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Can wheat find some support today?

The wheat market continued lower this morning with continued pressure from the rising dollar.

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In the overnight session corn is trading down 1 3/4 cents, soybeans are up 3 cents and wheat is down 8 cents going into this morning’s pause. The U.S. dollar is higher again this morning by .35 percent on continued worries out of Greece and the Euro zone. Crude oil is trading down 9 cents.

Crop progress was released after the close of trade yesterday and showed that 92 percent of corn was planted as of May 24th which is ahead of the four year average of 88 percent. Soybeans are also ahead of pace with 61 percent of soybeans planted compared to the four year average of 55 percent. Spring wheat is now 96 percent planted. The USDA released their first crop condition ratings for corn in yesterday’s report which showed 74 percent of the crop was rated good to excellent just two percentage points behind the first crop conditions report of 2014 on June 1st.

The wheat market is trading lower again today after breaking out of the consolidation pattern printed last week on the 100 day moving average. Wheat is pressured by the stronger dollar, the declining Russian ruble and an announcement by the Russian agricultural minister today that Russia expects grain harvest to exceed the most recent forecasts and reach 2014 levels which totaled to 105 million metric tons of grain.

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