US wheat market under pressure due to Russia’s increase in production.

US wheat market is having some pressure from the news of Russia providing more wheat in the world market because of its output increase. The market has been under pressure from ideas that there will be plenty of wheat available in the world market due to the big increase in production in Russia. However, the US and many other exporter countries have less this year, with only Russia the major exporter with more. Canada has suffered through conditions very much like the US, with hot and dry weather in western sections of the Prairies and some areas that were too wet in eastern sections. Australia also suffered from the hot and dry weather at key times in the growing cycle, and less production has been forecast by ABARES. US export demand is improving again as US prices are very competitive in the world market, and the recent trend to a weaker US Dollar has helped. Demand for US Wheat remains primarily for HRW and HRS, the higher protein wheats grown in the US. The US futures markets have given back about all the gains seen due to the bad weather. Futures could hold current support areas on the weekly charts and try to rally in the short term.