Tuesday, June 16, 2009

Wheat Market Update



Wheat Daily

Wheat Intraday
from Bryce Knorr at Farm Futures:

This spring's rally in the wheat market always appeared the most suspect of any in the grain trade, if not the broader commodity world. While the crop suffered a variety of ills, production appeared adequate thanks to large old crop stocks.

Most of the rally seemed to be short covering, especially in Chicago, and funds were selling again last week, breaking prices below the support line for the rally. Now the path of resistance looks lower into harvest, with little in the way of bullish support until the July USDA report updates production estimates and class supply and demand data.