Last week, my Equity is 33867.67. I went long on wheat 2 weeks ago and I’m still losing money. Now, I’m afraid that I can’t win that part of money back although last week, the wheat price did increase a little. Now, let’s see what happened last week.

Argentina’s government cut this season’s wheat output forecast, citing three months of heavy rains that started in August and flooded key parts of the Pampas farm belt, the Agriculture Ministry said on Thursday. The South American grains powerhouse is seen producing 11.1 million tonnes of wheat in the 2012/13 crop year, down from the government’s previous forecast of 11.5 million tonnes, the ministry said in its monthly crop report. Due to this news, the price of wheat may increase since there will be less wheat supply in Argentina

USDA reported export sales of US wheat in the latest week at 657,500 tonnes (635,500 for 2012/13), above a range of trade estimates for 200,000 to 400,000 tonnes. The increasing demand will also push the price up. At the same time, Ukraine’s grain traders are ready to halt milling wheat exports on an informal basis as they approach a critical limit, in order to protect the domestic market after a poor harvest, the agriculture ministry said on Friday. This will also push the price up. As we can see, with less supply and more demand, the price did increase last week.