The Good: Spring wheat has rallied over the past two days to levels not seen since April. The strong move higher was caused by increasing Black Sea prices and a large number of wheat tenders during the week. Wheat markets are also being dragged higher by positive corn and soybean markets. It’s been a while since we could consider wheat as being on the good side of the ledger.
The Bad: Canola finished the week slightly lower today as the nearby November contract was off 60 cents from Thursday close. The week has seen a spectacular move in canola with a rally of C$23.90 per tonne in the November contract. Canola is trading at the highest levels since April of 2015. If this is bad, we will take it.
The Ugly: Another hurricane anyone? There have been so many tropical depressions this year, that the NWS hurricane centre is already using the greek alphabet for storm names. The latest is tropical depression Beta, which is tracking through the Gulf of Mexico and is expected to reach hurricane strength by Monday. The projected landfall site is a wide portion of the Texas gulf. This continues to be a very active hurricane season in the Atlantic basin.