Good morning wheat is trading down 15 cents which is 15 cents off of our lows overnight. Once again the market is looking to the situation in Ukraine for market direction. The U.S. dollar is down sharply this morning also putting pressure on the market. Countries continue to call for a ceasefire in the conflict but nothing has come to fruition. It has been an interesting week in the war as I am seeing Russia stalling in it’s efforts on pushing the war forward as they are making little progress. President Biden is going to talk to Chinese President Xi JinPing this morning to see where China stands on the Russian situation. China continues to be noncommittal in either direction. Much lower production out of the Ukraine can give us little bumps to the upside in the market. Look to sell these upticks in the market. Another good trade is buying the Minneapolis Wheat and selling the Chicago Wheat. I am seeing flooding in the Red River Valley which could pose some planting issues for Wheat there. If Wheat breaks below support look for Chicago Wheat to continue to trend lower. Net U.S. weekly sales came in lower than expected. So overall look for a lower trending market and look to sell higher moves.
Jerry Hanselman
Walsh Trading
630-248-7576
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