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The Agribusiness Update
The Best of Times-Worst of Times for U.S. Ag, and Congress to Hear Trump Agenda
Grain bids were slightly to moderately lower. The grain markets saw pressure from the lower outside markets.
December Chicago wheat closed moderately higher on the day Wednesday with support from Kansas City hard red wheat as the clear leader to the upside in the past week.
Chicago and Kansas City wheat took a step back Friday as traders took profits ahead of the weekend following the sharp rally on Thursday.
Wheat markets traded slightly lower on the day ahead of Wednesday's Supply and Demand report.
Pre-report positioning dominated price action in the wheat market Tuesday as traders prepare for tomorrow's Prospective Plantings and Quarterly Grain Stocks Reports.
Wheat futures were supported by corrective buying and signs of increased demand. That allowed wheat futures to firm in the face of strong pressure from corn and the U.S. dollar.
Wheat futures traded double-digit higher for much of the morning Thursday, but the market backed well off these levels after midday to end several cents higher in Chicago.
KC and Chicago wheat traded lower on the day Tuesday after forecasts suggested a much more active weather pattern over the next two weeks for not only the eastern Corn Belt but for the west as well.
KC and Chicago wheat traded lower early in the session but managed to close higher on the day Wednesday.
KC and Chicago wheat traded lower into the closing bell Thursday. It was reported that the US sold a portion of the Egyptian wheat tender in the morning which added a supportive tilt to the market.
March Chicago and KC wheat traded lower on the day Thursday after snow and rainfall moved across the western plains and into the eastern Corn Belt overnight with likely help to soil moisture conditions for some growing regions.
December Chicago wheat closed higher for its 4th straight session and finally broke above the $9.00 level on Thursday. Positive technical signals along with surging European wheat markets continue to offer support to the bull camp.
Farm of the Future
Yesterday we learned that truffles, one of the costliest of mushrooms in the world, are native to the Pacific Northwest. It can be a very lucrative business, but just what does it take to start a truffle orchard?
Wheat closed with modest losses compared to beans and corn with a late
round of buying support.
Wheat futures were supported throughout Monday by strength in the corn market. Wheat weekly export inspections came in at 31.6 million bushels which was sharply higher than trade expectations.
Wheat closed lower and gave back a good portion of Monday's gain on a lower dollar and followed corn to the downside.
Northwest Report
A former WashingtonState resident is the world rodeo champ...4 new inductee have been announced for the Ag Hall of Fame and Lacy looks at Charles Dickens.