Search: scottshellady
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Wheat actually lead the grain markets higher on Thursday. The wheat complex received a boost from sagging global production numbers providing spillover support to corn in the process.
Wheat continues to find strength from unfavorable weather conditions the next two weeks in the US Midwest and on production concerns in the Black Sea.
Chicago wheat traded 12-14 cents higher late in the session Wednesday on short covering and a decent recovery in the other grains.
Wheat futures saw trade on both sides of unchanged Wednesday, but bears gained the upper hand heading into the close.
From the floor of the CME, Scott Shallady with Bradford Capital Management shares his observations of the outside forces affecting the commodity markets.
Wheat futures rallied into positive territory for Chicago and KC, while MPLS again settled lower.?
Uncertain weather factors helped to support the early bounce and short-covering emerged to see moderately higher trade into the mid-session.
A lack of new crop production concerns, talk of improving crop conditions and the move from higher to lower for the corn market helped to spark the selling pressures on Friday.