The momentum pushing wheat higher ran into a large round of selling yesterday as extended weather maps show more moisture in the forecast for the Plains. The initial move lower Thursday morning triggered sell stops in KC and Chicago, and saw losses of 8-13 cents. There have been reports of snow in western KS this morning, and forecasts show chances to continue into the weekend. We’ll see if this helped slow growth progression or causes harm as we move forward through the growing season. Weather maps for the 30 and 90 day periods show above normal precipitation for HRW areas, and short-term maps show cooler temperatures moving through. With cash values continuing to weaken, look to protect carries on stocks that can be carried into new crop, and look for opportunities to capture any basis improvement on stocks that need to move. The wheat market is expected to remain under pressure today, as concerns of weather risks are beginning to fade.
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