Technically, the charts suggest that winter wheats have found their highs, with the outside day lower on Tuesday confirmed by Wednesday’s weakness.
Soft red and hard red wheat are seeing major disease issues, which is lowering quality and yields.
The wheat complex held together for most of the week while corn and soybeans came under more pressure.
It was another bearish week for the wheat complex, this time with Minneapolis leading the way down on a drop of 26¢.
Seasonally, we tend to see wheat prices move higher into early May, analyst says.
Even though USDA is forecasting a decline in spring wheat acres, Minneapolis hasn’t been able to find any support since last week’s plantings report.
Another week of bearish pressure keeps wheat on the defensive, with virtually no weather premium built into prices.
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.