A stronger start for the week morphed into a huge spike on Thursday, only to see it fail that same day and give up the whole day’s rally.
Wheat markets were able to make a stand this week, perked up by disappointing harvest reports in Europe and heavy rains on mature Black Sea fields.
The roller-coaster price action continued this week, down early and wiping out the gains from last week, then supported by a bullish supply/demand report on Thursday.
As for weather, it will get hot across the Midwest next week and it looks to stick around until about mid-July.
Grain producers saw prices plummet this week as tariffs were put on Chinese imports, with China promising to retaliate in kind.
Understandably, it’s hard to think that wheat could stage a rally from here.