Wheat Futures Slide on Precipitation Outlook

With the outlook for near-term rain and snow in US area of hard-red winter wheat, wheat futures closed down today (after initially rallying). The consensus is with the precipitation, the prospects are very good for wheat crops dormant during winter months.

There is a forecast for snow for some areas of the Southern Plains, and most of the Midwest areas of Iowa, Missouri, and Nebraska. It had been the really dry weather that help propel wheat futures to nearly a 25% gain year-to-date.

Wheat futures have taken a decisive turn to an all out downtrend recently, and we are currently short CBT March Wheat futures. I’m also looking to get short Kansas City Wheat futures tomorrow.

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