Wheat Midd prices have been trading above the historical average for this time of year. The average price paid during November was $133.38 per ton. This is in line with pricing seen last year but $40 per ton over the five year average. Wheat middling values are expected to stay firm through December and begin to soften during the first quarter of 2021.
Reduced run-times at mills had been helping to support pricing in late November and early December. A Reduced 2020/21 wheat supply outlook is also working to prop up wheat midd values. 2019/20 crop year ending stocks for wheat were at 1.03 billion bushels. The 2020/21 crop year forecast shows ending stocks to be down 16 percent at 862 million bushels. Wheat midd prices typically rise 80 percent of the time during December and this December will not prove to be an…
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