CHS Hedging market analyst Steve Wagner says market fundamentals remain. Dry weather is a concern for the northern and western Corn Belt while the south and eastern areas have adequate moisture. “In the upper Midwest, that’s definitely an issue. In Iowa, that crop looks better. Iowa got a drink of water in the last week. I don’t think their crop is stressed as much, but the bigger question for them is how do they go into pollination, a few weeks away for those farmers?” While spring wheat production remains a concern, Wagner is not expecting much price movement. “It will be a tough spring wheat crop. There is also a lot of spring wheat still in reserve. The question will be how much do we need to pull from reserve? The chop will continue.”
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