Today's wheat market was a demonstration of what happens when there is no short-covering to drive the CBOT: Wheat heads toward 1.3:1 against Corn; CBOT drops a few cents more than MGE and KC; and the CBOT spreads go to steeper contangos.
The US must export a significant amount of its annual wheat crop and current US prices are not competitive on world markets. Wheat has the worst prospects of the major grain markets; soybeans are in backwardation July/November on tight supplies, and corn has good demand from ethanol and the potential for significant Chinese demand. I expect wheat futures to continue to underperform other commodities as US wheat inventories prove difficult to shift.
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