The wheat market closed 6-10 cents higher on Friday, to end the week positive, after a very weak start. Traders will continue to watch the cold temperatures that have moved into the Midwest SRW areas, as concerns of winterkill will be on the mind. The condition of the India wheat crop is a concern, as well, with a weak monsoon and drought this year and expectation of another weak monsoon next year. The rail market showed some interest in JFM shipments to end the week, as there appear to be some short positions to be covered for 12 and 13 protein ranges. The KC spot market had been trading a premium to deferred periods, but there were a few trades to close the week that brought balance to values. Look for a quieter start to this week, as traders prepare for the January USDA S&D and Quarterly Stocks reports to be released tomorrow.
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.