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corn has a big wheat problem

Corn chart shows some promise but I'm feeling warnings from wheat fundamentals.

 

More news of off grade wheat - Canada, Black Sea on top of US and EU problems.

 

I think USDA's FSR numbers may prove a little optimistic as well as exports.

 

Also a problem for meal and there will be a lot of DGs there as well- that's also a corn problem as that's a part corn, part protein substitution.

 

All in due course and I doubt that USDA will address that today. Barring something big in the subjective numbers, everybody will be riveted on the headline yield number.

 

Although a million more harvested acres zeroes out a 2bpa yield cut.

 

Wheat? I guess at some point the market may need to bid for milling grade although I'm not sure when or whether that will mostly be accomplished with basis/premiums.

 

I guess if you're an elevator with wheat bought at $1 under, the big carry plus a .50 basis gain is pretty darn good money.

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