July 2013 Chicago Wheat opened last week at $6.8125 per bushel and closed the week at $6.9750, but not before hitting a high of $7.09 for the week.
Global ending stocks for 2013/2014
In the May WASDE global ending stocks are projected to be at 186.4 million tons, up 6.2 million tons from last year. The 51.2 million ton increase in foreign production will more than offset the lower forecast production in the U.S. If recognized the forecast 701.1 million ton global production for 2013/2014 would be a record that is up 45.5 million tons from 2012/2013. So with the knowledge of global supplies, keep a sharp eye on how “big money” is posturing. U.S. Winter Wheat condition does not look as if it will take a toll on global supplies. Keep an eye on corn prices as a rising prices may help bring up wheat, but overall watch the strong trend down.
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