Wheat Futures Dismiss Winter Wheat Planting

After three seasons of drought have created terrible conditions for wheat growing, Kansas farmers plan to carry out winter wheat planting in the driest soil since 1991.  Kansas is the single largest wheat growing state.

According to the USDA, nearly 97% of Kansas growing fields had too little precipitation (as of mid-August), and all 105 counties are declared federal disaster areas.  Now there should be little wonder about rising wheat (futures) prices, especially when global wheat reserves have fallen to a four year low.

“…a supportive tone to the (wheat futures) market has resurfaced ahead of Russian agriculture meetings tomorrow,” stated Bret Aaron, head of trading operations for Global Futures Exchange & Trading Company in Encino, CA, regarding the current wheat futures situation.  Aaron adds, “Traders are expecting a slowdown in wheat exports in the Black Sea which could force more business to the US and an increased in export tenders has been seen this week.”

Wheat futures continue their uptrend albeit sideways trading since the wheat futures‘ high late last month.  I expect at least one more leg higher (above the July high) with wheat futures, and I am seeking a lower-risk way in.


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