Market Perspective

Wheat markets finally reacted positively after a USDA Crop Report. Monday's report showed a 50 million bu decrease in carryovers from the January report due to a long anticipated increase in wheat exports of 50 million bu as well as a 10 million bu increase in feed usage. That more than offset the 10 million bu increase in wheat imports coming from Canada. Wheat markets had rallied over the last week going into this report as wheat sales have remained strong and concerns continue about the condition of the winter wheat crop in the Southern Plains. Last Tuesday the markets rallied over 20 cents...