Weekly Market Highlights
- Wheat futures rallied Monday but have declined the rest of this week. Premiums on spring wheat are up this week with winter wheat holding steady.
- The unseasonably warm weather has farmers getting into the spring wheat fields early to prep for planting.
- The winter wheat crop is in much better shape than a year ago with recent warm temperatures and some rainfall. Kansas rated its crop at 53% good to excellent. A late season freeze could still hurt the crop, but, fortunately, there are none in the forecast.
- Tight supplies of U.S. old crop corn are supporting the wheat market; however, abundant world wheat stocks offer resistance to the corn.
- U.S. exports could increase as U.S. wheat is still the cheapest in the world.
Information Provided by General Mills Bakery Flour