Pricing for Wheat Midds Expected to Move Lower

There were reduced run-times at the mills over the Holiday weekend.  Supply remains good but producers and Brokers are hesitant to let prices slide too rapidly until they see that run-times remain solid following the Holiday.  Demand has been strong, and the market appears to be well positioned to see lower prices in the near term.

Minneapolis wheat mid prices are about $170 per ton FOB this week according to sources. This is $20 per ton above values seen at this time last year, and $85 per ton over the prior three-year average.  Historically, prices tend to move lower 60 percent of the time during April and this coincides with forward pricing we are seeing.  For Minneapolis area pricing is projected to…