Wheat Report, 01/25/2016

Monday, January 25, 2016

The wheat market is off to a strong start on reports that Russia may impose limitations on grain exports. The Russian Ag Ministry is discussing restrictive measures due to the worsening livestock situation as the Ruble retreats and forage costs increase. Weather forecasts show unseasonably warm temperatures moving into the southern plains over the next 10 days, and precipitation will remain below normal much of that range. The Argentina gov. increased its production estimate to 11.0 MMT, which is about 400k MT above other estimates, but the quality and protein levels will be low. Cash markets are steady, with the gulf market trading a little stronger nearby, but exports are still lacking for the long term. Outside markets could limit any gains today as Crude Oil is down $1.20 and equities are weaker. Look for wheat to carry overnight gains into the day session on the Russia news, but other markets are not seeing the support.

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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