Wheat Report, 03/31/2016

Thursday, March 31, 2016

Overnight trade moved quietly around unchanged, after seeing large declines yesterday on news of better precipitation chances are showing up for the 8-14 day period. Weather is the only variable right now for traders to watch, as we begin key stages in the crop cycle. Focus will be on the USDA Quarterly Stocks and Plantings reports this morning, and most expect bearish numbers, but that’s not a surprise for the wheat market. Cash markets are flat for the interior markets, but there has been some life at the gulf, so we'll see if that shakes anything up this week. Weekly export sales were within expectations at 317 TMT for 15/16 and 86 TMT for 16/17, both fell in the estimate range. Look for quiet trade ahead of the 11am reports release, with Crude Oil and bean oil slightly higher and the USD down 400 points.

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