Wheat Report, 11/19/2015

Thursday, November 19, 2015

Overnight trade was mostly quiet, but good export sales took the market a couple cents higher, as traders recover Wednesday’s losses. Weekly export sales totaled 722 TMT, exceeding estimates of 200-400 TMT, and should help support prices. HRW was the sales leader at 258 TMT, with sales to Nigeria, Mexico and Brazil. Dec/March spreads saw another volatile day, with KC and CBOT adding carry after narrowing during morning trading. Cash markets remain steady to a bit firmer, especially in the rail markets. Buyers are focusing on stocks that can move west, but the spot market remains generally quiet. KC Dec put in a “double-bottom” yesterday, and with the market already oversold, a slight bounce is not out of the question. The USD is 330 points lower, but remains in a generally sideways trend just under the 100 mark. Look for wheat to see early support from good exports and a mentality to see a mild reversal from yesterday’s lower move.

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