Market Perspective

The wheat market has continued to rally over the last three weeks, resulting in marketing year highs for both old and new crop prices. New crop prices are now at higher levels than what most people sold this year's crop. When wheat markets were at their low at the end of January, the speculative funds were holding a short position in the Chicago futures of over 550 million bu. The size of last year's Soft Red Winter Wheat crop was 560 million bu. At that time China, Egypt and Iraq, along with other buyers, stepped into the market and made purchases. Export sales were strong before and have con...