The wheat market can’t break out of its narrow trading range of three months despite some positive world wheat fundamentals. The problem is that the pace of U.S. wheat export sales has not improved to reflect any of the crop problems among the other major wheat-exporting countries. Russia continues to be a major player, although it does seem to be losing its solid grip on markets like Egypt, which has purchased U.S. wheat in its past few tenders. While there have also been reports of tightening supplies at Russia’s major wheat export facilities, the government hasn’t said anything about restricting those shipments. A side story worth noting is that the winter wheat crop there wasn’t planted under very good conditions...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Black Sea, North America, South America