Keeping an eye on this wheat market early week, December Chicago wheat no trouble crashing through a major 200-day moving average last week at the $6.50 level, moving for that $6.20. Some analysts say now $6 from late June is in play. December Chicago has been below $6.50, actually a lot more than above it the past year. Kansas City December hit its lowest since mid-July last week, and now $6.40, $6.45 a major area to hold.
And 30 days ago, it seemed Minneapolis December was safe above $6.50, now $6.30, $6.35 from late June in sight again. This is the Bottom-Line report. Bottom Line analysts say keeping an eye on fertilizer demand this fall, more cash coming in from the administration, correction in nitrogen prices since summer, and even less expensive potash, there could be a big push for fall fertilization.
Audio Reporting by Mark Oppold for Southeast AgNet.