Steve Freed sees risks lurking in wheat market

by Josh Sosland
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Purchasing Seminar Winter Webinar
The Purchasing Seminar Winter Webinar will take place Dec. 6.
 

KANSAS CITY — While certain wheat futures markets remain at or near recent lows amid numerous bearish forces, broad recent gains in commodities may augur a wheat rally before too long, said Steve Freed, vice-president of research, ADM Investor Services, Chicago.

Mr. Freed will discuss grains and oilseeds markets Dec. 6 in a Milling & Baking News Purchasing Seminar Webinar sponsored by Commerce Bank and INTL FCStone. The 90-minute webinar will begin at 1:30 p.m. C.S.T. and will explore prospects for principal ingredient markets and the weather during the final half of the 2017-18 crop year.

Steve Freed, ADM Investor Services
Steve Freed, vice-president of research for ADM Investor Services

“Wheat futures prices are cheap,” Mr. Freed said. “Managed funds hold large short futures positions, and the record large Russian supply is limiting U.S. exports. Still, the commodity index is at a nine-month high, and crude prices rallied recently. U.S. tax reform may be approved. How long can wheat futures stay near current lows?”

Other presenters on the Dec. 6 webinar will be Paul Meyers, chief agricultural economist, Foresight Commodity Services, Inc., who will discuss bakery shortening; Craig Ruffalo, vice-president, McKeany-Flavell, Co., sweeteners; and Kevin Marcus, president, Marcus Weather, Inc., weather.

For more information and to register visit http://purchasingseminar.com/webinar.html.

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