The bearish tone in wheat continued as India’s monsoon forecasts came in “normal,” according to ADM Investor Services. “Annual rainfall during the June-September rainy season (is) expected to be 96% of the long term average according to the India Meteorological Department,” they said.
“The U.S. just cannot compete with the prices of Russia, and it makes it very difficult for us to move anything,” Virginia McGathey said. She noted that there are possibilities for strength from the weather, but, “if we lose a million acres, we have so much wheat in stock right now it won’t hit us that hard.”
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