Wheat Market Rises on Trade Agreement

source: Successful Farming

Wheat markets started last week in typical quiet, holiday trade. But on Thursday prices shot higher on news that two trade deals had finally reached agreements, reportsSuccessful Farming.

TheUSMCA dealwas all but done, which would give a major boost to grain and livestock markets. And, trade negotiators announced that Phase 1 of theUS/China trade dealmay actually happen soon as well.

Prices pushed higher early Friday only to give the gains back by the close.

Last week’s export sales were a solid 502,000 MT, above the high end of expectations. Year-to-date sales stand at 16.9 MMT, up 3% over last year.

US weekly sales have had some big swings this year but, on the average, we appear to be on solid footing, despite record world carryout and stiff competition.

Read the full report atSuccessful Farming.