Wheat received some good international news. “News of new demand from Nigeria as well as confirmation of the Egyptian purchase supported wheat,” Jack Scoville, with the Price Futures Group, said. “Indonesia might have also bought U.S. wheat in the last week. The news was another shot of positive demand news for a market that needs positive news.”
Scoville says this could be a very small winter wheat crop. “There are those that say that abandoned acres will also be significant, so there is a chance for a very small crop. The smaller planted area came because of very bad planting weather in the Great Plains and Midwest and low prices.”
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