Wheat Prices Up, But Likely To Pull Back

Marty Hibbs of the Grain Farmers of Ontario notes wheat prices have finally topped the $4.40 level on the March contract.

He says producers should expect another pullback before a rally again towards the $4.50 mark.

Hibbs also points out the trading range for soybeans continue to shrink and should be stabilized by May.

He feels once a close above $10.75 occurs, the next target will be somewhere between $11 and $11.20.

Corn prices were quiet again this week.

The analyst feels it’ll take a convincing close above $3.70 before prices will even attempt a run at the $3.80 to $4 range.