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French Milling Wheat futures continue to shoot higher and US wheat futures continue to chase them.
Wednesday the September Kansas City wheat moved through the $6.25 resistance and reached the highest level since last August.
The next major upside objective for the September KW is the $6.60 area.
The reason that US wheat futures are moving higher with the European markets is the idea that eventually we will see a better export market.
It hasn’t happened yet, but nobody seems too concerned about that.
We will have to see the business materialize eventually in order to hold these gains, but for right now, don’t stand in front of the train.
The corn weather scare is over with, but the corn has been well supported by the wheat and by the rising European corn and feed wheat futures.
It still looks like we will see a very good yield here in the US, but problems with the wheat in Europe and the Black Sea region mean that there will be less competition on the world market from the European feed wheat.
It could be a great year for corn exports.
On the charts the December corn has held support at the 50% retracement of the last move up.
If this is the beginning of another leg higher, technical traders will be looking for the December corn to move up to $4.81. Stay tuned.
Schwieterman Marketing, L.L.C. specializes in risk management and cash grain and livestock marketing plans.
For information on the markets or our marketing service you can contact Bret Crotts at 888-437-9131 or bret@swbell.net.
The information contained herein is based on data obtained from recognized statistical services and other sources believed to be reliable.
However, we have not verified such information and we do not make any representations as to the accuracy or completeness.
Past results are not necessarily indicative of future results. All statements contained herein are current opinions, which are subject to change. The risk of loss in trading commodity future contracts is substantial.
You should therefore carefully consider whether such trading is suitable for you in light of your financial condition.
Neither the information, nor any opinion expressed shall be construed as an offer to buy or sell any futures or options on futures contracts.
French Milling Wheat futures continue to shoot higher and US wheat futures continue to chase them.
Wednesday the September Kansas City wheat moved through the $6.25 resistance and reached the highest level since last August.
The next major upside objective for the September KW is the $6.60 area.
The reason that US wheat futures are moving higher with the European markets is the idea that eventually we will see a better export market.
It hasn’t happened yet, but nobody seems too concerned about that.
We will have to see the business materialize eventually in order to hold these gains, but for right now, don’t stand in front of the train.
The corn weather scare is over with, but the corn has been well supported by the wheat and by the rising European corn and feed wheat futures.
It still looks like we will see a very good yield here in the US, but problems with the wheat in Europe and the Black Sea region mean that there will be less competition on the world market from the European feed wheat.
It could be a great year for corn exports.
On the charts the December corn has held support at the 50% retracement of the last move up.
If this is the beginning of another leg higher, technical traders will be looking for the December corn to move up to $4.81. Stay tuned.
Schwieterman Marketing, L.L.C. specializes in risk management and cash grain and livestock marketing plans.
For information on the markets or our marketing service you can contact Bret Crotts at 888-437-9131 or bret@swbell.net.
The information contained herein is based on data obtained from recognized statistical services and other sources believed to be reliable.
However, we have not verified such information and we do not make any representations as to the accuracy or completeness.
Past results are not necessarily indicative of future results. All statements contained herein are current opinions, which are subject to change. The risk of loss in trading commodity future contracts is substantial.
You should therefore carefully consider whether such trading is suitable for you in light of your financial condition.
Neither the information, nor any opinion expressed shall be construed as an offer to buy or sell any futures or options on futures contracts.
