Minneapolis wheat

[farming101]

Showing some independent strength

Dec Minneapolis over Dec Kansas


A close above 517.25 would be positive. Next objective-Aug 19 high -528.75

$6.50 basis SK for #1 13.5? Next summer is there now.

[farmaholic]

101.... "a close above 517.25 would be positive"....

Technical analysis..... but are fundamentals pushing it there or chart(spec) trading?

I would have more confidence in the rise if it was driven fundamentally than technically....

I am here to learn... does that statement make sense?

There is alot more known about the size and quality of the Western Canadian/Northern tier States harvest than in August. What are the chances of it going past 528?

[boarderbloke]

The hunt must be on for high quality milling wheat. Despite the large yields, I'm not sure if there's an abundance of the top grade.

[farmaholic]

Watch the "grades" mysteriously change. Mine can stay in the bin until there are some realistic bids. I have a neighbor who sold decent wheat for a bit over $5.20 for bin space reasons.... what a crime.

[boarderbloke]

farma, I think $6/bus will be a key price point to trigger farmers sales, especially if the wheat doesn't look perfect. Is it worth $0.80 cents to avoid putting it on the ground? What will it cost to rent or borrow a bagger and pay for a bag not fully filled? What will snow removal cost if you're clearing off a pile or away from a bag? What cost for cold weather work, cause you waited for the price to climb over $6.00? Last week had to sell a tridem of canola for $9.80, just could afford to have one load tie up a whole big hopper bin, but what do you do,,,just wasn't expecting to harvest so much grain.

[farmaholic]

b-bloke, I hear you loud and clear. But this was early harvest and he knew he was going to be short.... there is more to this story than I care to share, kinda along the "all or nothing" line. But now bids are higher---why? As I've said before, harvest is "Happy Hour" for the handlers.

private message me if you want the details.

[errolanderson]

Impressive recent strength in Minneapolis spring wheat. Technicals point higher . . . .

Cash trend has turned up as protein premiums improve. All #1 / #2 grades strengthening from lentils, to malt, to barley in southern Manitoba.

[biglentil]

Viterra keeps blowin up my phone with $6 per bushel #2HRS 14.0. $7.53 #2 Durum 5.54 #3 Durum

[macdon02]

Seasonals say another week up ish

[farming101]

Fundamentals at work. US wheat is being exported. US domestic millers are after protein for blending.
I don't see this meaning more and more demand for HRSW. Only so much needed.
Worst behind us is maybe the best you can hope for.

Watch the CAD. It looks weak. 74 cents US by yearend?

Don't see big changes in spec position but I'm no expert. Large spec is short and may want to lighten position on this blip higher.

[farming101]

MWZ16 surpassed Aug high this morning.

$6.50 for 1 13.5 late winter delivery offers out there for SK