WEEKLY WHEAT REVIEW: Wheat Tries to Convince Buyers The Time Is Now

Weekend cold doesn't look as bad as first predicted.

At the risk of sounding like a party pooper, I've got to say it's hard to get excited about the rally over the past few weeks in the wheat market.

Sure, futures in Kansas City and Chicago moved above resistance lines drawn off Oct/Nov highs, and the news flow was not completely bearish. Blasts of cold air on the Plains leave fields lacking snow cover vulnerable, and windy conditions could also take a cold. However, it doesn't look like weekend cold was as bad as first predicted.

It's also dry in parts of the southwest Plains, which are expected to remain that way for at least the next two weeks. But both conditions are typical for winter, which is one reason why the move in the futures market came right on schedule.

The other factor playing into the rally is ideas winter wheat seedings were down. This too is another reason why wheat tends to rally into the January USDA seedings report.

To read Bryce Knorr's complete weekly wheat review, click HERE.

TAGS: Wheat
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