Wheat Report, 02/23/2016

Tuesday, February 23, 2016

Funds were sellers, starting shortly after the 8:30 open yesterday, as negative fundamentals and stronger USD have the wheat market contained near lows. Export inspections slowed from recent weeks and fell short of the low estimate for the week at 245k MT. Ukraine’s grain production is estimated to be down 10%from 2015, due to a 7.5 MMT reduction is winter wheat production vs. LY. Cash markets are very quiet this week, with mills not showing any concern over needs and have little interest to value new crop demand. KC May has resistance at $4.70 and support at $4.58 ½ and $4.52. Outside markets are taking a breather after yesterday’s strength; USD up 12 points, Crude Oil steady and S&P down 0.5 points. Look for a quiet trading session, as the focus begins to switch to the USDA Ag Outlook Forum on Thursday/Friday, while watching weather conditions.

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