Daniel’s Trading’s John Payne asks “how bad can it get for wheat?” He noted that U.S. wheat futures fell to their lowest levels in a year going into the end of last week. As markets rallied enough to close in the green, he said “if China is interested in U.S. HRW, the price is certainly right at these levels given the crop is still in dormancy.”
Blue Line Futures saw Friday’s reversal in wheat and is hoping to see it continue, “finding some follow through strength in the early morning trade.” They said it is in part due to the strength in corn and beans, and wheat may be in position for a short-covering relief rally ahead of Friday’s USDA report.
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