Wheat Eyes New India Export Concerns And Also Record Low Ratings

The world wheat trade was shocked by news over the weekend that India would impose some type of wheat export restriction. This would come right at the time when India was supposed to be one of the countries helping to offset a part of the Ukraine shortfall. This increases the exportable wheat supply deficit. Daily limits now expand from 70 cents to 105 tomorrow for KC and Chicago wheat. July KC wheat is nearing the 1384 1/2 high from the 2008 rally (nearby contracts). We expect Minneapolis to increase from a 60 cent daily limit to now 90. After the close, winter wheat ratings were posted at the lowest ever for this week.

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