Wild week/ wheat impresses
It's been a wild week in the grains and at least for beans --------something that was probably due to happen as we work through what little there is of the present crop.
Watching it all, wheat impresses me. I have this feeling that wheat as a feed grain/protein source/ jack of all trades---has picked up some slack for the other grains and may be itself feeling a shortened supply. A lot of wheat out here in the WWBelt did not make its normal run to the port, but got sidetracked at the local feedlots to relieve some stress on the corn flow.
That said wheat has looked pretty strong through this week, so far. Could we see wheat make a run to impress grain drills to push on in this planting season for winter wheat??
Not much bragging coming from our friends the Aussies...........And it they don't knock in a few runs, the wheat game is a low scoring affair for 2012.
Winter wheat in the US has faced drought now since 2010's crop. If we don't see more than the 1/2 inch monsoon it took a hurricane to produce, 2013 is going to be another bust. Big moisture in September would have driven wheat acres to record levels with all the crop failure and bare ground, but it is not happening. And if we continue the dryer than normal theme into winter fall crops in 2013 are our next chance. Without BIG winter moisture fall 13 will be a long shot for average yields.
Wheat looks strong to me.
Re: Wild week/ wheat impresses
At this time of year, wheat should be the most impressive. First of all, wheat is trying to buy acres. Second of all, wheat isn't getting hit with harvest pressure like beans and corn. I remember back in 04' when wheat that was drilled in the fall didn't even germinate.
There was field after field in western KS where maybe a fourth of the wheat germinated. Everyone got bulled up. Then, rains came in the spring sprouting the wheat. It turned out not to be a disaster after all. Wheat is a very tough crop. There were a lot of guys hoping for 40 bushel wheat this past harvest. They ended up combining a lot of 60+ bushel wheat. There's a long time between now and harvest for wheat. If wheat gets the acres, it's very hard to count it out. I have a feeling wheat will get plenty of acres. However, I don't know how many of those acres will make it to harvest. Corn and bean price next spring will have to answer that question. IMO, wheat prices only stay as strong as corn price allows. If corn prices falter, wheat price is sure to follow.