It’s almost impossible to rally wheat futures if world cash prices are moving lower.
There is a window of opportunity opening for U.S. wheat, according to market analyst Louise Gartner.
A trading range is expected for the next month.
The trade expected lower wheat production but got just the opposite.
It is worth noting that dry conditions are developing in eastern Ukraine and into southern Russia.
World wheat prices have felt the weight of the massive Russian wheat crop.
Technically, it is possible that wheat established seasonal lows in August.
Analyst sees wheat prices settling into a trading range through the fall and winter.
Another tough week for wheat, with new contract lows in Chicago and Kansas City pretty much every day. Export sales were one of the few bright spots this week.
As the Northern Hemisphere growing season draws to a close, the market will focus on the Southern Hemisphere. Australia appears to be the trouble spot so far, with precip lacking in most of the country. Planting conditions were poor, and it is expected that acreage will be down as a result.