KW New Crop Outlook
KW New Crop Outlook
New Crop Outlook
KW July (new crop)
The USDA pegged 2008-09 U.S. wheat carryout at 655 million bushels and wheat stocks as of Dec. 1 at 1.422 billion bushels, above the average trade estimates. However, estimates for 2009 winter wheat seedings were below expectations and seen as bullish for deferred contracts, traders said.
"The lower-than-expected winter wheat seedings numbers are fundamentally supportive to new-crop contracts, but old-crop futures will receive some
pressure from higher domestic stocks.”
Wednesday, January 14, 2009