Mike O'Dea Wheat Comments, 11/10/2015

Tuesday, November 10, 2015

WZ15 closed right above the 50 day m/a this morning and a close below it will take the market down to the trend line support area in the low 90s with an objective of that reaction low of $4.83 from mid-October.  Report today should be bearish US wheat, neutral world wheat but carryout will still be 225 + mmt.  Interesting to see Ukraine the cheapest offer on the Egypt tender this morning after being absent from the previous few, either the exporters fear some type of ban and want to get in front of it or just need to get more shipped.  Anyway big volume yesterday on the break, day 3 of the Goldman roll and crop report gives something for everyone today.




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