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Maltby Marketing News for October 23

Maltby Marketing News for October 23

Kansas Association of Wheat Growers

October 23 Dan Maltby Marketing Newsletter

 

Sunday night markets are very sluggish. Saturday’s rain stopped fall grains harvest and whatever pre-hedges were sold Friday were enough to get by into the start of the week.

 

The front is expected to move eastward, so we could see slow markets well into the week due to reduced hedge pressure.

Other weather factors worth watching are hard to find, although lack of rains in Brazil, and warmer than normal temperatures are getting some attention.
Australia wheat weather is slightly wetter, but it’s too late to make a major difference.

Other than that, there’s not much weather to talk about.

This week was dry in The Great Plains. I think Monday’s Crop Progress report will show winter wheat progress has caught up. We won’t have a good handle on acreage for a while, but I ultimately expect to see soybeans continue to gain acres from wheat, in limited fashion. Corn prices are not very good, so I don’t see wheat losing big ground to corn. No one expects wheat acres to show big gains this year. I’m in the “mainly unchanged” camp.

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Source: Kansas Association of Wheat Growers