Support for Minneapolis futures is coming from concerns of delayed plantings, said Ami Heesch, market analyst at CHS Hedging. USDA reported 3 percent of the crop planted as of April 15 vs. 12 percent last year and the five-year average 15 percent. Last weekend’s snowstorm hit several major spring wheat states. Technicals are supporting wheat this morning, Heesch said.
The trade has priced in rains that will save hard red crops, The Hightower Report said. “It seems to us that the liquidation phase is done and a possible bounce is likely.”