Market Perspective

Wheat markets have enjoyed a little bit of a bounce over the last 10 days. Cash markets are about $.20 off their lows and future markets are about $.30 off their lows. Part of it has been a correction from oversold technical conditions, part of it has been a stabilization of world wheat prices, but most of this correction has been due to the weakening of the U.S. dollar. The dollar has had an impressive rally since July and that in turn pressured commodities in general and wheat in particular. Last week Chicago wheat futures gained every day, while the U.S. dollar retreated every day. That was...