Dec 5, 2013
Today's futures is backing down against the recent chart lows . Steady world demand signals, freezing temps in major US winter wheat zones and a record fund Chicago short have been major factors in wheat's upward swing. However, huge Canadian wheat production numbers and rejected/delayed Chinese corn/bean shipments appears to have arrested the rally. Wheat's value continues to fall under corn's overall persuasion. Traders plot to take advantage reoccurring rallies. The UN estimates global cereal production will hit a new record high this year at 2.5 billion Mt; up 8.4% from last year. UN food officials forecast global grain 2014 ending stocks at 5.72 billion Mt; up 13.4%. SWW track basis maintains firm ground. White wheat's weekly export sales report show the top buyers to be: Japan, 44,100 Mt; Thailand, 20,900 Mt and 'unknown', 39,300 Mt. Steady by jerks.