| Wheat Market Comment |
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Wheat futures fail to gain positive territory U.S. wheat futures flirted with positive territory but failed to gain traction on their own Friday and closed lower under pressure from volatile swings in bearish equities and crude oil trading. Wheat ended down 7c to $5.16/bu. Exports may be running ahead of predictions percentage-wise and U.S. product does score quality points, but their exports are facing some good competition and the market can’t really afford to have a big rally. Local forward cash prices were higher after the weekend. The Newcastle price increased $8 to $267/t while Port Adelaide and Kwinana rose $10 to close at $282 and $305/t respectively. |
