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.
Some of the drag on wheat prices stems from the strong rise in the US dollar.
There is more chatter about a window of opportunity opening for North American exports this winter.
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.