Weekly Market Highlights
- Wheat futures moved higher this week. Corn and soybean prices have lead the way with impressive gains through the first week of September due in part to reported soybean export sales.
- Export sales of wheat are outpacing last year, a positive sign for wheat producers after several years of declines.
- Basis premium prices are firm to higher. All but the lowest protein hard red winter wheat basis levels increased steadily this month, reflecting the value of protein in this year’s crop, a factor that will remain throughout this year.
- The U.S. spring wheat harvest passed 91% completed, ahead of the 75% average pace over the past five years.
- Weather around the world and other crop issues could mean futures prices are as low as they will get for now. Basis
- Premiums will remain high. Still there is plenty of wheat, and we do not expect dramatic price volatility in the near term.
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