Market Perspective

The wheat markets have been in a hard correction ever since the May USDA Crop Production Report came out a month ago. Before that the market experienced a strong rally supported by the deteriorating crop conditions of the Hard Red Winter Wheat crop in the Southern Plains and the unrest in the Black Sea between the Ukraine and Russia. As is so often the case, it was not the crop report itself that caused the market to reverse but more the idea of "buy the rumor, sell the fact". The report made traders take a step back and look at the overall picture. Yes, the wheat crop in the Southern Plains w...