Monday's weekly export inspections report showed a demand slowdown across the board. Wheat inspected for near-term export came in at 23.9 million bushels, down from 28.6 the week prior and four week average of 25 M.B. Key world buyer Egypt was in for 2.5 million bushels, versus 6.9 the week prior. It's not a bearish report like 15 or 18 M.B., but lower after last week's bullish number. Let's note that one bullish week of demand doesn't turn a market demand bullish. We need to be consistently over 28 M.B. or more weekly to get trend following funds, short 65,000 contracts, to cover those shorts. We will watch the next reports closely for direction on demand.
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.
