North Dakota Wheat Commission Policy and Marketing Director Jim Peterson describes the current markets as “sluggish and a little fatigued.” During his appearance at the Lake Region Extension Roundup, Peterson said domestic and export demand for spring wheat is decent. “The big gorilla in the room is the incredibly cheap Russian wheat prices that set the floor for everything.” This fall, U.S. spring wheat had a $3 per bushel premium to Russian wheat for a comparable quality. That has narrowed closer to a $2 per bushel premium. Peterson remains optimistic “With the conflict in the Middle East, I think there’s going to be some customers who will look to spread out their sourcing so they don’t get caught short.”
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