Hello Kansas Wheat, and Happy New year.
I’m glad 2016 is over; seemed a bit dismal to me. Here’s to a better, more pleasant 2017!!
Let’s start with an updated futures chart, noting it’s a new year, but it’s also an “old year” …
The most novel movement on this table is last week’s bounce from the previous week’s new lows in winter wheats and corn. Further follow-thru selling DID NOT develop.
I’d like to believe the lows are in. We don’t really know that to be true yet, as we need to see some confirmation of a reverse in the major down trend, which we haven’t seen in several years.
Not just several months, but in hard red winter wheat’s case, several years.
I say: “Bring on 2017. It’s hard to see these prices getting worse”
Source: Kansas Association of Wheat Growers