Wheat Advances Most in Two Weeks on Asia, Egypt Demand

Wheat futures are up today – the biggest gain for wheat in two weeks – on signs of a decreased global inventory due to current demand in Asia and Egypt.  Wheat futures were up 1% in abbreviated trading before the Independence Day Holiday – the biggest gain for a front month contract since mid-June.

After wheat futures dropped to their lowest prices in a year, we are learning US exports of soft-red winter wheat sales to China have been reported as up to 360,000 tons.  In Egypt, they bought another 180,000 metric tons from the East Bloc and stated they had enough wheat supplies to last throughout November.
           
Mason Ching, Automated Trading Manager, Global Futures Exchange & Trading Company in Encino, CA, had this to say regarding the current wheat futures situation, “Reports also  indicate that much of the crop is now being sold into domestic feed channels.”

The trend for wheat futures is definitely DOWN with no clear bottom in sight.  I am actually “long” wheat futures looking for a significant pull-back higher – which occurred today.  Will be reversing back with the overall wheat futures trend soon.

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