Rain in Ukraine Sends Wheat Futures Lower

For the first time in over a week, wheat futures have taken a break from the $1.00 climb in prices on the outlook rain in the Ukraine and parts of Russia will contain concerns regarding crop damage resulting from dry weather.  Wheat futures have only pulled back .17c per bushel.

With the rain comes lower temperatures and that aspect should also benefit the young wheat stalk at a critical stage of growth.  Lately, however, hot & dry weather in parts of Ukraine and Russia had curbed wheat production.

Chris Hildebrand, vice-president of trading at High Ground Trading Group in Chicago, said this today regarding the current wheat futures situation, “…news of rain in the Ukraine has taken a little pressure off of the wheat markets today.  All a wheat crop needs is a little moisture to make a rebound.”  Hildebrand adds, “Other outside forces today and rumor of China returning cargoes of corn and soybeans also pressured the grain markets.”

Wheat futures have recently rolled over into an uptrend and a time of year when we usually have a decline into late June.  I am treading lightly in these markets and will await a pull-back in wheat prices, or a lower-risk opportunity when one arises.

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