Dry weather in Canada, hail in the U.S. Plains all push up wheat prices.
The reality check led to weakness on Friday, but the wheat markets were still strongly higher for the week.
After a weak start, wheat markets surged higher Tuesday and Wednesday followed by a reversal down on Thursday, only to find another round of buying on Friday.
Aside from the improved outlook for U.S. hard red winter wheat production, the northern Plains look like they may also get a break from Mother Nature.
Upside potential was always limited in the wheat complex, but it sure looked like we could extend the momentum into early May.
Trade talks and weather were main issue for the grain complex, this week.
The sell-off of the last two weeks has virtually eliminated all the weather premium in the wheat complex. It has also aligned U.S. prices much better with world prices.
The weather premium is mostly gone, prices will most likely go lower.
Russia has been the driving force of world price with back-to-back record crops and exports.
Wheat futures finally took seriously the poor condition of hard red winter wheat.