Wheat the hero we have

Overnight- Futures finished the night session mostly unchanged.

KC and Chicago wheat has rallied over 40 cents the past 4 sessions.

It started with the Middle East escalation last week and continued the back of dry weather in the Southern Plains along with Russia, Turkey and E Ukraine.

Both markets have moved over their 100 day moving averages and if they continue to trade above those levels, it should get the funds to cover more shorts.

Rains across the Midwest this weekend will slow planting progress but likely will not boost futures prices yet. It is too early for that.

Bottomline

We will be watching the wheat trade for the rest of the week to see if we get more push. Let’s watch some of these new crop levels above 4.80 in December corn and 11.85 in November soybeans. NFC Grain Comments Options -new (42)