As I've said before, if you want to learn about wheat - watch the Egyptians. There are no better buyers on the planet. When they buy it is virtually always on a pullback, and the lows are in for a bit. This may be due partly to thier huge influence on the market and snap purchases. But they will buy large amounts.
It's reported that they bought over 200,000 MT of US wheat. They are now interested in every class of wheat, not just softs. Hard Red Winter, HRS, Hard White, Soft White - but maybe not Durum.
Western Australia is NOT getting the expected rains in sufficient quantities to advance the crop and are now admitting that the potential is probably not there. It's been an excruciating early season for them.
Canada gets a window to harvest this weekend with expected better weather. Quality issues abound in their hard hit crops. According to Weber Commodities one farmer was saying he'd gotten 13" of rain from early August and getting a combine into a field for small grains was going to be iffy. This isn't like corn or beans in the Midwest. How long this break is - or whether it is the last one - will determine when they start throwing in the towel. If the ground had been dry, as it usually is in late summer, is one thing. But with the increasingly colder and longer nights one has to sympathize with these guys. They'll give it everything they have, but more than one combine may have to be pulled out of the field with a cable before it's over. Wish them well.
