Did we just have a double top in wheat with last weeks highs, exceeding the early March highs, then dropping lower? We are 6c lower in July Chi wheat at the moment
One of the bullish factors has been very dry weather in big producer, Australia.
The southeast part of that country looks like it will have rain chances.
Forecast Hour: 384
Image URL: http://mag.ncep.noaa.gov/data/gfs/18/spac/precip_ptot/gfs_spac_384_precip_ptot.gif
This is where the wheat is grown:
Besides being dry in big wheat producing Australia, it's supposedly been dry in Russia.
Russia, being in the northern hemisphere obviously grows crops at the same time of year as the US. Am not sure how much of their wheat is Spring Wheat which is getting planted now and how much is Winter wheat, which is probably jointing now, with harvest starting in june.
Here is the 2 week rain forecast for Europe. The big red area shows the dryish forecast for Russia. I rarely analyze Russian weather and honestly cant tell you if these maps have more rain or less rain than last week but am playing around with posting different maps here to see how they turn out.