Wheat futures have reversed course today after it was pointed out by the Int’l Grain Council that global wheat production will, once again, be revised higher due to more favorable outlook for wheat supplies from the European Union and the Ukraine region.
The ICU now says with increased wheat production coming from Europe, the worldwide wheat output will rise by four-million metric tons for this forthcoming 2014-15 season over last months forecast – and 0.6% more than the previous year. At this time, most Northern Hemisphere wheat farmers have finished harvesting their wheat.
Wheat futures trend remains down with no bottom in sight. Although wheat futures made new lows today, there was an absence of follow-through to the downside making me believe there may be some choppiness ahead…
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