Market Perspective

Over the last couple of weeks, wheat markets continued their upward trend, supported by strong export sales, particularly to China and Brazil. News of more crop concerns in Argentina, as another cold snap and another reduction in production estimates, sent wheat futures to new four-month highs last Friday. Argentine wheat production is now estimated as low as 8.8 million metric tons versus earlier estimates of 13 million metric tons. This is the main reason why Brazil has been such a large buyer of U.S. wheat this year. Chile has also been a steady buyer of white wheat out of the Pacific North...