Wheat markets are still caught up in the same situation, with long-term bearish prospects and short-term volatility. Wheat is lacking nearby direction and therefore follows corn.

The losses taken on the previous Friday were bought back at the beginning of the week. Once again, there wasn’t a lot of fundamental news, so the market had to find other ways to play the wheat. Funds turned out to be net buyers against:

- a slightly better corn (Chicago May futures closing @622.5, up 10¢),

- a cold wave in the plains and the Midwest,

- dry weather forecasts on Eastern EU and Russia.

The week continued mixed… (The full comment + graphs and spreads in the pdf)

Wheat Weekly Recap – Week 17

The BDI index is still 35% under its start-of-the-year value @1738, now estimated @1137.

Source: AgriNews data & Reuters

Record short wheat positions held by funds, together with the uncertain weather in the Northern hemisphere and the slowdown of Third Countries demand could lead to volatile times!

Wheat Weekly Recap – Week 16

Fundamentals remain bearish and funds are still heavily short on wheat, so it boils down to weather, not forgetting the impactof forex and stock markets on commodities volatility.

Wheat Weekly Recap – Week 15

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