Have US wheat prices now reached their bottom?

The front month of the CBoT wheat future is losing again this morning, having already lost 1.5% yesterday. Extensive offers on the world market and higher exports from Russia put the market under pressure.
By contrast, market analyst Phin Ziebell of the National Austalia Bank expects prices to have bottomed out and more US wheat to be sold next year. Even if Russia continues to dominate the export market.
The Russian agricultural market advisor SovEcon yesterday raised its wheat export forecast for the current 2018/2019 season from 34.2 to 34.7 million tonnes. This leaves Russia the largest wheat exporter in the world.
The non-commercial traders in the fund companies increased their net short positions not only for soybeans but also for wheat last week.

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