Global Demand Props Up Wheat Futures

Just goes to show lower wheat prices, at some point, will create demand and turn around for wheat futures.  Today, wheat futures climbed to their biggest one day gain since earlier this month on signals of revived imports after wheat prices have reach significant lows.

Prices of wheat futures have hit a 13-month low this month and has brought out buyers from Japan, Egypt, and even China.  Japan’s purchase is coming after a self-imposed two-month ban after a GMO-altered crop in Oregon was discovered, and Egypt is on its fourth purchase this month.
           
China has been in the market for US wheat is high and rising.  Import demand for US wheat is strong,” said Christian Moreno, a commodities broker for HighGround Trading Group in Chicago, regarding the current wheat futures situation.  Moreno adds, “In my opinion, I expect wheat (futures) to move higher.”

Wheat futures trends are clearly down at this time, but this is the time of year for this trend to come to an end.  Expect another test of the wheat futures lows before any future uptrend gets going.

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