Buffalo wheat mid prices have come down about $10 per ton this week and are trading in the range of $110/$120 FOB. According to one merchandiser The Jacobsen spoke with, “the market is roughly unchanged from last week as far as supply is concerned, we just are not seeing Canadian demand where we expected it to be over the past week.” This has had a dampening effect on prices, but it is expected to be short lived.
Prices are off their near-term highs of $170 per ton after dropping to $128 in August. However, even at $128 per ton, Buffalo wheat midd values are roughly $45 per ton above the three-year average. Prices have climbed moving into September, which agrees with the frequency up move chart shown below. Prices tend to rise 60 percent of the time in September and October over the…
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