Kansas City wheat scored record highs on Tuesday, exceeding the highs set in 2008. The rally has been driven by world and U.S. production issues, as U.S. winter wheat crop ratings were on 27% G/E this week and the lowest since the drought in 1989. However, India’s ban on exports, the lack of Black Sea exports due to the war,, and the slow planting pace on spring wheat at 39%, have also pushed Chicago and Minneapolis wheat into new contract highs. Michelle Rook talks to Randy Martinson of Martinson Ag about where the market is headed from here.
Wheat Market Makes Record Moves
Kansas City wheat scored record highs on Tuesday, exceeding the highs set in 2008.
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Jerry Gulke, president of The Gulke Group, says “If you look at the weekly chart it looks pretty bad. We’re a long way away from the highs set the first part of September.”
The grain markets saw an ugly October with huge losses on fund selling. Brian Grete with CommStock Investments says he’s not sure if the fund selling is done.
Shawn Hackett of Hackett Financial Advisors says with wheat falling nearly $2 off the Sept. 2 contract highs, it isn’t a surprise that China and other buyers would see it as an opportunity to buy.
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