Demand for US wheat is quietly improving. What does that mean for wheat futures?

By Allison Thompson for agweek.com

Wheat prices have spent the past few weeks testing levels not seen in half a decade. All three exchanges, including Chicago, Kansas City and Minneapolis wheat, are hovering at five-year lows. That’s not a distinction anyone in the wheat business wants to brag about. Especially as the current lows now align with what used to be major highs back in 2019 and 2020. The market has made a full round trip in just five years, giving up every ounce of pandemic-era and war-related premium along the way. Those former highs have now turned into critical chart support — and whether the market can hold here will shape how the rest of the marketing year unfolds. Read the rest of the article here.