This Week In Agriculture

Wheat came up double digits.

Ag Watch market advisors analyst Dewey Strickler says issues in the Baltic region firing up that wheat market this week.

We got some issues going on with, uh, Ukraine and Russia.

They got some, uh, increase in escalation of activity, military activity there.

You know, that's having a issue over in the Baltic, uh, Sea with the ports there and disrupting shipping here somewhat, but in the corn and beans it's just mostly because of weather.

You know, a few weeks ago everyone was looking for August to be a- possibly have a, an event here, weather event during the month, but we are gonna be looking at heat, but we're also looking at normal to above normal moisture.

And, uh, I see in the recent forecast where they've increased that moisture here a bit, at least, uh, for the next two weeks.

So, you know, as far as weather market's concerned, it's beginning to fade.

Total Farm Marketing senior advisor Namie Bluhm says the focus continues to be the weather and next week's USDA reports.

Well, it's a combination of position squaring into the weekend, along with the day traders keeping themselves entertained.

So hear me out.

So what we've got going on with the wheat market today, definitely, yes, double-digit gains for sure.

Uh, the September Chicago wheat contract trading at 6.43. It's up, um, just over 11 cents.

Technically though, it still is just an inside trading day from yesterday's trading range.

The market yesterday and today tested major support levels of the 40-day, 50-day, and 100-day moving averages.

They have held for the entire week, um, but our high prices are getting lower, and every day the market has been testing some short-term overhead resistance levels, um, but ultimately we're kind of stuck in a short-term range.

Uh, same holds true for corn and soybeans.

North Star Commodities CEO Mark Schultz says the market is essentially in a holding pattern until the USDA releases those fresh numbers.

We've had the sell-off here in the last five to six days, uh, since last Friday's big rain event that moved across a large portion of the Midwest, uh, uh, in here, and it's, uh, since then we've got cooler temperatures with rain in the forecast.

So there's not a lot of things to get excited about at this point, and I think we're basically, we're just kind of buying time until we get to next week's, uh, August crop report to see whether or not we get any type of significant changes there.

The crop itself, uh, coming up here and, uh, in this, uh, Minnesota area, I was out doing some at Farm Fest yesterday and, uh, the crops certainly, uh, looked very, very good in, uh, the Iowa-Minnesota area.

But the further west you continue to go, uh, it gets, uh, warmer and it gets drier, and the crop, uh, continue to deteriorate, so-

Latest Rural Mainstreet Index shows the farm economy remains under pressure across a 10-state region that includes the Northern Plains and Midwest.

Brayton University economist Ernie Goss says the July index stayed well below the growth neutral mark for the fifth time in the past six months.

Most of the scores that we, uh, calculate here range between zero and 100, with 50 being growth neutral, and the index is well below growth neutral.

Wheat came up double digits.

Ag Watch market advisors analyst Dewey Strickler says issues in the Baltic region firing up that wheat market this week.

We got some issues going on with, uh, Ukraine and Russia.

They got some, uh, increase in escalation of activity, military activity there.

You know, that's having a issue over in the Baltic, uh, Sea with the ports there and disrupting shipping here somewhat, but in the corn and beans it's just mostly because of weather.

You know, a few weeks ago everyone was looking for August to be a- possibly have a, an event here, weather event during the month, but we are gonna be looking at heat, but we're also looking at normal to above normal moisture.

And, uh, I see in the recent forecast where they've increased that moisture here a bit, at least, uh, for the next two weeks.

So, you know, as far as weather market's concerned, it's beginning to fade.

Total Farm Marketing senior advisor Namie Bluhm says the focus continues to be the weather and next week's USDA reports.

Well, it's a combination of position squaring into the weekend, along with the day traders keeping themselves entertained.

So hear me out.

So what we've got going on with the wheat market today, definitely, yes, double-digit gains for sure.

Uh, the September Chicago wheat contract trading at 6.43. It's up, um, just over 11 cents.

Technically though, it still is just an inside trading day from yesterday's trading range.

The market yesterday and today tested major support levels of the 40-day, 50-day, and 100-day moving averages.

They have held for the entire week, um, but our high prices are getting lower, and every day the market has been testing some short-term overhead resistance levels, um, but ultimately we're kind of stuck in a short-term range.

Uh, same holds true for corn and soybeans.

North Star Commodities CEO Mark Schultz says the market is essentially in a holding pattern until the USDA releases those fresh numbers.

We've had the sell-off here in the last five to six days, uh, since last Friday's big rain event that moved across a large portion of the Midwest, uh, uh, in here, and it's, uh, since then we've got cooler temperatures with rain in the forecast.

So there's not a lot of things to get excited about at this point, and I think we're basically, we're just kind of buying time until we get to next week's, uh, August crop report to see whether or not we get any type of significant changes there.

The crop itself, uh, coming up here and, uh, in this, uh, Minnesota area, I was out doing some at Farm Fest yesterday and, uh, the crops certainly, uh, looked very, very good in, uh, the Iowa-Minnesota area.

But the further west you continue to go, uh, it gets, uh, warmer and it gets drier, and the crop, uh, continue to deteriorate, so-

Latest Rural Mainstreet Index shows the farm economy remains under pressure across a 10-state region that includes the Northern Plains and Midwest.

Brayton University economist Ernie Goss says the July index stayed well below the growth neutral mark for the fifth time in the past six months.

Most of the scores that we, uh, calculate here range between zero and 100, with 50 being growth neutral, and the index is well below growth neutral.