Time is beginning to work against the wheat market. After a great start to the export season this summer, sales are starting to stagnate. Though supplies of high quality milling wheat remain fairly scarce, soft wheat remains in abundance around the world. And, with buyers becoming ever more price sensitive due to an uncertain world economy, buyers are becoming even less picky about quality.
Of course, it's hard to separate wheat prices from the rest of the financial world, which was one reason for last week's break. But fundamentals are also beginning to turn more negative, making it harder for prices to rally.
Old crop soft red winter wheat remains the biggest target for bears. To read Bryce Knorr's complete weekly wheat review, click HERE.