Wheat markets guided by weather forecasts ahead of harvest

By Malcolm Bartholomaeus
Updated June 8 2018 - 7:13am, first published June 7 2018 - 10:00am
The real action for wheat futures should come in early 2019.  At this point global wheat supplies will hit their seasonal low, and it should show a considerable tightening of stocks outside of China and the US.
The real action for wheat futures should come in early 2019. At this point global wheat supplies will hit their seasonal low, and it should show a considerable tightening of stocks outside of China and the US.

True to form, the market rallied at the start of last week, with prices for the July CBOT futures contract surging to a high of 554 US c/bu coming out of the US Memorial Day Holiday weekend.  The chart of continuous futures prices shows that there is now only one day since the week starting 15 July 2015, where the market has traded higher than last week’s high.

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