World Wheat fundamentals remain bullish

Overnight- Corn and wheat slightly higher but soybeans traded lower.

Now we are hearing that India’s wheat stocks are at 16-year lows.

Now we don’t look for India to import from the US, but they are normally self-contained using their own production.

They did import in 2016/2017 to the tune of 6 million tons.

You pair this with the weather issues in Russia, E Ukraine, Turkey and Australia along with the S Plains we have some fundamental steam in the wheat market.

Wheat moving higher is the best news for corn right now and short covering in the wheat market could roll over to the corn if we corn to test 4.60 in July.

Soybean weakness needs to be held above 11.59 in July as they struggle with exports sales.

Weekend weather will slow planting but will not support the market yet and should be looked at as a benefit for production as dry spots get more moisture.

Bottomline

Wheat will continue to be the bellwether for the rest of the week. New highs in the wheat markets should translate into higher corn trade and maybe soybeans as well. Continue to watch basis levels locally. NFC Grain Comments Options -new (42)