Kansas Association of Wheat Growers

August 7 Dan Maltby Marketing Newsletter  

For many, the markets continue doing the unthinkable, sinking. Corn yields won’t be a record, but they won’t be a disaster. Soybeans seem to get enough rain to cool a rally, and wheat…well, we know wheat has only one story, spring wheat. And spring wheat is not a team player.

MGEX Z at +240 or more over KC Z…does NOT lend any support to KC. It’s like they are not related at all.

Worse than that, high spring wheat prices threaten to derail all USA wheat exports. This week’s net sales of 145,000 tonnes was miserable. You can’t judge a trend based on one data point, so this week’s Thursday sales report will be important in that regard. This MGEX Z chart says it needs to hold NOW.

 

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Source: Kansas Association of Wheat Growers

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