Australia Wheat Production Issues Being Monitored

Grain market analysts are watching Australia’s wheat harvest closely for yield and quality issues. Cornbelt Marketing market analyst Larry Clay says the quality of Australia’s wheat could impact the corn market. “It may be challenging with the corn situation if some of that becomes feed wheat, but it does bring buyers back to the U.S. We’re still the seller of last resort, it seems. The positive news is we’re sitting here with a wheat market that’s been on fire. A day of profit-taking isn’t going to be that damaging.” This week’s market action will be important for direction. “If the bulls win Thanksgiving, the bears may win Christmas. The real evening point is when demand shows up. We want to know where China is at this point.”