Market Report Week of August 15, 2016
Weekly Market Highlights
- Hard red spring wheat futures prices are higher this week, hard red winter wheat futures are about unchanged.
- Basis premium prices for all but lower protein grades are firm to higher.
- The all-important weather forecast at this peak spring wheat harvest period is commanding much of the market’s attention this week. The heavy rains that have fallen and are in the forecast can change the outcome of a previously stellar crop, and not usually for the better.
- It will be some time before we know the results of the wet weather pattern, but it could add volatility as the market trades on the speculation.
- All eyes will be on tomorrow’s USDA report. Surprises for wheat are not expected, and any resulting higher prices should be short-lived as the world wheat carryover is the largest in more than 25 years and is forecast to continue to grow this year.