June 14, 2017
Rains across the eastern Dakotas yesterday didn’t dampen the mood in the spring wheat market yesterday, with Minneapolis pushing to new contract highs again overnight with double digit gains. Forecasts look generally dry for the western Plains for at least the next week, maybe more, but overbought conditions are starting raise red flags for a blow-off top. The gains spread to the rest of the wheat complex, and also are giving corn and soybeans some lift as traders around the world begin to talk seriously about weather. Stocks are on a roll too as Wall Street expects the Federal Reserve to raise interest rates again today.
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Bryce Knorr first joined Farm Futures Magazine in 1987. In addition to analyzing and writing about the commodity markets, he is a former futures introducing broker and is a registered Commodity Trading Advisor. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports. Besides the Morning Call on www.FarmFutures.com he writes weekly reviews for corn, soybeans, and wheat that include selling price targets, charts and seasonal trends. His other weekly reviews on basis, energy, fertilizer and financial markets and feature price forecasts for key crop inputs.
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