Wheat Analysis - Jan. 18

wheat
wheat
(AgWeb)

Price action: March SRW wheat rose 27 1/2 cents to $7.69, near the session high and the highest close in a week. March HRW wheat gained 27 3/4 cents to $7.72 3/4. March spring wheat futures rose 28 3/4 cents to $9.07.

Fundamental analysis: Wheat futures climbed sharply on short covering and bargain-buying following three straight down days. European wheat futures also rose amid signs of stepped-up global demand. Concern Russia may be close to invading Ukraine contributed to strength in wheat, with Reuters reporting the White House believes an invasion may occur soon. In 2014, when Russia annexed Crimea, wheat futures rallied around $1.50.

Earlier today, USDA reported 369,188 MMT of U.S. wheat inspected for export during the week ended Jan. 13, up from 234,356 MT the previous week and at the high end of expectations. China sold all 501,283 MT of state-owned wheat reserves put up for auction last week, at higher prices than the previous auction. Turkey purchased at least 175,000 MT of milling wheat from unspecified origins. Japan sought 72,351 MT of U.S. and Canadian milling wheat in its weekly tender. This week’s

Technical analysis: Winter wheat bulls and bears are on a level near-term technical playing field, thought prices are still in a seven-week-old downtrend and bulls need to muster followthrough buying the next few trading sessions. SRW bulls' next upside objective is closing March futures above solid resistance at $8.00. Bears' next downside objective is closing prices below solid support at the October low of $7.25 3/4. First resistance is seen at $7.75 and then at $7.85. First support is seen at $7.60 and then at $7.50.

HRW bulls' next upside objective is closing March futures above solid resistance at $8.00. Bears' next downside objective is closing prices below solid support at $7.25. First resistance is seen at $7.75 and then at $7.85. First support is seen at $7.60 and then at $7.50.

Start a Pro Farmer trial for more analysis and market recommendations. for corn, soybeans, wheat, cotton, cattle and hogs.

Tags

PRO FARMER
 

Latest News

Market Analysis
AgDay Markets Now: Darren Frye Says Grain Markets Post Higher Week but Will Need These Factors to Keep Rallying
AgDay Markets Now: Darren Frye Says Grain Markets Post Higher Week but Will Need These Factors to Keep Rallying

Darren Frye, Water Street Solutions, says the wheat rally came on weather and technical buying, which also helped corn and soybeans post a higher week. He's not sure it can continue without a bigger weather issue.

Michelle Rook
Market Analysis
Why Did Jerry Gulke Make Some Last-Minute Planting Changes on His Farm?
Why Did Jerry Gulke Make Some Last-Minute Planting Changes on His Farm?

Gulke Group president Jerry Gulke explains why he made the last-minute decision to switch 200 acres of corn to soybeans.

Michelle Rook
Pro Farmer Analysis
Wheat Outlook 5-30-90 Days (4.26.24))
Wheat Outlook 5-30-90 Days (4.26.24))

Recap of the week's price action, advice and outlook broken down into the next 5, 30 and 90 day segments.

Pro Farmer Editors
Market Analysis
Grains Close Higher for the Week: Does the Market Need to Rally and Add More Risk Premium or Not?
Grains Close Higher for the Week: Does the Market Need to Rally and Add More Risk Premium or Not?

Grains end mixed Friday but higher for the week led by wheat.  Cattle make new highs for the move helped by stronger cash.  Can the markets continue to move higher?  Darren Frye, Water Street Solutions, has the answers.

Michelle Rook
Beef
APHIS To Require Electronic Animal ID for Certain Cattle and Bison
APHIS To Require Electronic Animal ID for Certain Cattle and Bison

APHIS issued its final rule on animal ID that has been in place since 2013, switching from solely visual tags to tags that are both electronically and visually readable for certain classes of cattle moving interstate.

Greg Henderson
Taxes and Finance
A Margin Squeeze is Setting in Across Row-Crop Farms, and 80% of Ag Economists Are Now Concerned It'll Accelerate Consolidation
A Margin Squeeze is Setting in Across Row-Crop Farms, and 80% of Ag Economists Are Now Concerned It'll Accelerate Consolidation

There's an immense amount of pressure riding on this year’s crop production picture, and with a margin squeeze setting in across farms, economists think it could accelerate consolidation in the row-crop industry. 

Tyne Morgan
View More