| December 12 Dan Maltby Marketing Newsletter
Hello Kansas Wheat.
USDA released their December WASDE update Friday, which was quite bearish fundamentally to wheat especially… total world wheat production was raised 6.5 million tonnes to 751.26 mmt, and total world carryout climbed to 252.14 mmt, up about 2 mmt.
YET all three wheat futures contracts closed higher for the day, and more importantly, closed higher for the week. Here’s KC H; blue line remains at $4.39, but the old red line at $4.20 is shown as dotted and the solid red line moved down to $4.09. (Intra-week lows are just barely below $4.00, but I believe
Friday closes are more important than intra-week highs or lows…)
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Source: Kansas Association of Wheat Growers