WHEAT: STEADY - BETTER
Wheat chipped away at early week losses again yesterday as we settled into our trade range. This morning, wheat is again the leader, so far up seven cents. Asian markets have been active with South Korea purchasing 49K tonnes of U.S. wheat and Taiwan buying two separate loads as well. Chatter is starting out of Australia about lack of moisture on their wheat crop. An independent Aussie agency is estimating the crop a full one MT lower than the USDA estimate and without further rains look for that number to drop. In South America the weather is about right, but planted acres are just 80% of what they were a year before. Look for the markets to trot into the weekend with lower volumes and overall lack of excitement at steady to higher. Currently outside markets are mixed to nearly unchanged.
Kyle Smith, Mike O'Dea, Ben Parks, Collin Hulse, Ingrid Gronlund