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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Brian Grete with Commstock Investments says a corn yield decrease was built in ahead of the report with average trade guesses .7 bu. lower than September. This is the largest October yield increase back to 2004.
Randy Martinson of Martinson Ag, says risk off selling in the grains was tied to harvest pressure and report squaring.
Grain markets were lower on Wednesday and again Thursday as the market positions ahead of the October WASDE. However, Cory Bratland with AgMarket.Net says weekly exports may have also added to the negativity.
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