Weekly Market Highlights 10-10-16
- Minneapolis hard red spring wheat futures climbed 3% this week; Kansas City hard red winter wheat futures are lower despite Tuesday’s impressively higher close.
- Spring wheat futures prices have now gained about 9% since their late August lows; Kansas City gains are closer to 4%.
- Some market participants expect wheat prices to fall back, but higher energy prices and other good if not stellar news seem to be supportive of commodities and other markets.
- Basis premium prices are firm to higher as mills continue to try to keep pipelines filled while farmers and elevators attention was turned away from marketing wheat toward a massive row crop harvest.
- Short term expectations call for steady support near current levels; long term world markets will be reminded of their massive wheat reserves and lack of inputs to support high wheat prices.
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