Markets

Alpari Grain Outlook 03/15

Thursdays weekly export sales report showed 888 t.m.t. of wheat was inspected for near-term export, up 44% from the week prior. 800 or more is considered demand friendly for prices. One week with bullish demand doesn't change months of bearish demand numbers, but it's the first signal demand is surfacing.

If weather remains dry in the south western wheat states as we break dormancy this weekend, the funds may buy back more of their short 71,000 contracts they entered the week with. To be demand bullish we need sales over 800 weekly. Wheat looks to break dormancy in a larger area next week in Texas, Oklahoma and Kansas. All three states have a crop condition rating under the last USDA rating of 33% good to excellent condition in November when the crop went dormant. That was the lowest crop rating on record for that date. So wheat will be challenged to find sunny warm days and timely rain.

Read More on International Business Times

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos