What went right in the 8th week?
For wheat:
As expectations of smaller crops in places like Argentina and Australia, coupled with dry conditions in key growing areas of the US, traders staked out positions ahead of a government report expected to show tightening global supplies, wheat futures rose for the fourth day in a row Thursday above $9 per bushel.
USDA cut its global wheat stocks forecast for the second month in a row due to weather problems in key growing areas such as Ukraine, Australia and Argentina.
For soybean and corn:
Soybean futures fell, pressured by declining export demand, and pulled corn prices lower.
The USDA said early on Thursday that weekly export sales of soybeans were at their lowest point in 16 months. Net soybean export sales of 191,900 tonnes were well below forecasts for 600,000 to 800,000 tonnes and included a cancellation of 545,600 tonnes from an unknown country. Analysts expect the USDA will boost its forecast for U.S. corn and soybean yields in its monthly supply and demand report.
According to the USDA report, I short on soybeans for 3 contracts and I end up this week with a positive gain. However, though I predicted the trend of wheat future I did not do any thing about it.