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Grains juggling weather, wheat rally and China demand
A commodity broker says he’s keeping a close eye on several grain market factors heading into August.
Tommy Grisafi with Ag Bull Trading says variable weather conditions have been impacting grain prices.
“Wide temperatures, hot temperatures,” he said. “Some places have too much rain, but where we are not enough rain.”
He tells Brownfield geopolitical conflicts have led to a run up in wheat prices.
“You take our short crop here in the Midwest in wheat, you take what’s going on in Europe, you take the pressure of what’s going on with Russia and Ukraine and it really makes for an explosive wheat market.”
Grisafi says recent purchasing activity from China led to a run up in soybean futures.
“We’ve since lost all that, but a fair amount of soybeans off the combine are priced.”
Grisafi says the near-term weather forecast pulled soybeans sharply lower on Wednesday.
He spoke to Brownfield at the Ag PhD Field Day in Baltic, South Dakota on Thursday, which can be heard below:
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