Wheat Report, 01/04/2016

Monday, January 4, 2016

The wheat market is starting 2016 on a weaker note, as sideways action during the holiday weeks on thin volumes
has turned lower on lack of fundamental support. Traders mostly ignored poor HRW export sales on Thursday, but the market is taking note this morning. Precipitation is expected to move into the eastern Plains and Midwest later this week, but a drier pattern will follow in the 6-10 day range, allowing more drying to occur. Temperatures are cooler, but the threat of winterkill remains low for the U.S. crop. Ukraine and Russia did experience some winterkill
over the weekend, as snow cover was not as good as they expected, but they are a long way from spring. Outside
markets will have a big role in trading direction today, as the Chinese stock market imploded overnight. Soybeans are the market leader to the downside, but KC wheat is following closely behind.

Unless otherwise noted, the posts on this blog should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Inc. or its subsidiaries. INTL FCStone Inc. is not responsible for any trading decisions taken by persons viewing this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by INTL FCStone Inc. or its subsidiaries. Reproduction without authorization is prohibited. All rights reserved.

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