Recent rains have improved moisture conditions for the winter wheat crop across the Southern Plains. RML Trading President Bob Lebacken says the wheat market is now in a down trending market. “We had a double top sometime ago and since then, we pulled the rug out and it doesn’t seem to bounce much at all. The Northern Plains into Canada is witnessing dryness. Will that get to be an issue with the Minneapolis wheat? We’ll see.” Lebacken says the spring wheat doesn’t seem to want to buy acres right now either. “The world wheat numbers have come down a little bit, but nothing significant. We won’t likely run out of wheat unless we have some big weather issue.”
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.