Kansas Association of Wheat Growers
Grain prices continue their path of least resistance, which is almost always lower; gravity is a powerful force… In general, the weather is not ideal, but it’s good enough to prevent a major corn disaster in The States, and the huge South American soybean harvest has a long tail (although USA weather is important.)
Wheat has a story, but it’s mainly confined to guessing the size of the North American spring wheat crop. The true guessing game is wondering how much demand will be cut by high prices, as end-users consider substitutes. That process will play out over a very long period.
The weekly closing futures table shows weakness everywhere, led by spring wheat…one would assume The Wheat Quality Council actually found some spring wheat fields to measure and guess yield on…
Corn remains range bound. Soybeans backed off a bit. Some believe soybean plants like heat, and they’re getting plenty of that. I think they like water too; another good rain or two will be needed.
Prices are in the doldrums, and winter wheat remains a dog, well into the Dog Days of summer.
Spring wheat prices will be beyond squirrelly next spring, and the fall crops are a long ways from a bin, but I’m pretty sure … “there ain’t no cure for the summertime blues…”
Source: Kansas Association of Wheat Growers