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| As the wasde stated there's still a lot of winter wheat stocks in the world. Apparently end users aren't concerned about protein...yet....but I agree with you. Not sure why it is down this hard today. In a bull market, profit-taking is to be expected along the way but it's fallen more than I thought. My big surprise was that usda is predicting only 4% abandondement on the spring wheat. "Here" I'd say that's more like 20%, and rising by the day. Lots of guys spraying out already to save moisture for 2018, and a lot is going into a bale. I still think 14% pro hrsw will be in double digits this fall. | |
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Where's the wheat?
