Marketing-Communications
Wheat in Chicago fell the most in two weeks after Japan suspended imports from the U.S., where an unapproved, genetically modified strain was discovered in an Oregon field.
Wheat rose to the highest in almost five weeks on speculation that U.S. farmers will plant fewer acres with spring varieties due to cold weather.
Scarce stocks could send prices soaring or crashing just as they did in 2008 and 2009, when prices rose to record-highs only to crash following the Great Recession.
Even though stocks are declining, supply remains secure worldwide.
But small by-class adjustments are made to projected exports and stocks.
Despite the worst single-year drought ever in the Southern Plains, wheat producers there are hoping for, or perhaps even banking on, more rain.
The Kansas City Board of Trade’s December wheat contract prices have declined $1.94 to $7.05 since Aug. 29.
Between now and December 1, wheat prices may be anywhere between $7.50 and $11.
Some U.S. poultry producers could be turning to lower-quality feed wheat as corn prices spike and oil-rich Middle Eastern countries continue to build wheat socks.