Time is grinding away for the U.S.,China trade negotiations; both sides say progress is being made but neither side will confirm any specifics.
The Ag Outlook Forum took place this week, with USDA projecting all wheat plantings at 47.0 million acres, down 800,000 from last year.
The long wait is over. The major data dump on Friday basically boiled down to barely a blip on price action. For wheat, most of the attention was on plantings.
Over the next few months market analyst Louise Gartner anticipates demand pulling wheat prices higher initially, followed by a push for acres in spring wheat into early May.
There was strength early in the week on optimism that China might be buying large quantities of ag products. However, without any confirmation of business, the market gave up its gains.
After a weak end to last year and a slow start for the New Year, wheat markets reversed higher, giving us a nice weekly reversal up and an outside week higher for the Kansas City market.
The outlook for the winter is encouraging as competition is expected to decrease and the U.S. holds plentiful high-quality stocks.
Wheat markets surged higher on Friday, responding to a stellar export sales report.
Wheat has struggled to just hold the harvest lows, with Kansas City now trading below them.
U.S. futures slid this week, testing harvest lows yet another time until a sharp rally in soybeans pulled corn and wheat higher.