World wheat prices have rallied on the heels of higher FOB shipping prices out of the Black Sea.
It’s tough to maintain upward momentum when the crop is still dormant.
Weather conditions in the plains are becoming more important.
Wheat prices remain slightly above December’s major lows.
Seasonally, wheat prices tend to work their way higher into early Feb.
The first trading of 2018 was strong for winter wheat, in response to frigid cold.
At some point, the wheat market will care that US plantings have plummeted.
Hi-pro wheat is still bringing a premium and supply grows increasingly short.
Technically, wheat is clearly stuck in a neutral at best, and likely slightly bearish state.
Minneapolis led the way higher this week with a couple days of strongly higher prices.