Global Commodity Analytics and Consulting President Mike Zuzolo says this past week’s USDA report offered positive news for wheat. “The wheat number came in very strong. USDA took world ending stocks below their lowest trade guess and they didn’t cut production. They increased feed and exports. That suggests to the markets the price is low enough we’ll encourage more demand going into 2021.” Zuzolo expects wheat to be the market leader. “We really needed wheat to find support. The last time soybeans tried to go to $12 on weather, it couldn’t in part, because of wheat. I think this helps us going into winter. The funds may start to respect wheat more.”
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