9/2/14 AM Wheat futures starting out sideways to lower in a 'range-bound' pattern. Weather forecasts continue to be 'row crop favorable'. No frost or freeze in the outlooks. Overall conditions appear to give corn and beans an excellent chance to finish. The next USDA monthly S&D report comes out on September 11. Private analysts are looking for the Gov. to raise corn and bean yields as well as production estimates. The Ukraine -Russian situation is still major market factor. However, the conflict does not appear to impede trade or shipping out the Black Sea region. Players know the market could be just a 'headline away' from a reversal of fortunes.' Japan's Ag Ministry is holding its regular tender for 110,146 Mt of milling quality wheat. The US, Australia, and Canada all get a piece of the action.
9/2/14 PM Ukrainian events and weather forecasts causing 'low price end' peaks and troughs. A trough for today in light, uninspiring trading. Lacking controversial weather patterns or off-shore demand pull, leaves the market in a range-bound depression. Another run at the 'bottom' might be enough to bring more end users back into the market. But until measurable weather or political difficulties emerge, buyers are likely to stay in 'bargain hunting mode.' Egypt's GASC will hold an overnight snap, optional origin milling wheat tender October 1-10 shipment. The Black Sea is expected to dominate the action and no change in the world wheat pricing pecking order is foreseen. Despite Chicago's downshift, SWW's track bids held form. Country selling still considered light. Pipeline requirements deemed a juggling act for lower protein origins.
During Wednesday, light to locally moderate rain will cover the Gulf Coast and Southeast, along with the central and northern Midwest. We'll also see light rain in the Prairies with some snow possible early Tuesday in the western Prairies. » More DTN Weather Commentary