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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A day after making new highs for the year and hitting the highest levels in three years, the soybean market saw some profit taking and consolidation. Corn and wheat resumed their rally.
Corn and soybeans saw some early profit taking pressure on Tuesday after running into chart resistance and with better than expected crop ratings.
Soybeans gapped higher Sunday night and made new highs for the move again on Monday says Mark Schultz with Northstar Commodity.
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