Many of you are still very busy in the field and haven’t had a chance to check in on the markets. There have been positive movements in the wheat market over the past few days.
Chicago (soft red wheat) Minneapolis (spring wheat), and Kansas (hard red wheat) markets are all experiencing increases. This is fueled by lower, or delayed plantings in western Canada and drought conditions in the Northwestern US. Although there are large carryovers in wheat, many specialists suggest that they are already priced in to the current pricing, so any further weather, or quality concerns could be favourable for the wheat market. Specialists also suggest that as much as 50% of the current carryover is located in China – a country that does not typically import or export wheat. Taking China out of the market puts wheat supplies at a 4 year low, further supporting a bullish attitude toward wheat.
HAVE YOU PRICED SOME WHEAT?
If you haven’t already done so, now would be a good time to consider locking in some pricing in rising market conditions. Don’t let rally pricing opportunities pass you by. Prices are near, or above $200/mt ($5.44/bu) with many wheat buyers in the Ontario trade for Soft Red Winter.
Don’t let the prices you want disappear while you are busy managing the fields. Consider using resting orders or programs offered by your marketing partners to take advantage of rallies at this time of year. Do yourself a favour and call your marketing representative and have your plan in place to ensure you don’t miss the next rally.
We are not a grain marketing service, but 2018 wheat pricing is at a level that cannot be ignored. Sell a portion now