Wheat Report, 04/06/2016

Wednesday, April 6, 2016

Pressure was applied to the wheat market overnight, due to better than expected national crop conditions released yesterday afternoon, pushing futures down 5-8 cents. Winter wheat conditions are shown at 59% g/e for the U.S., up 4% from the last Nov. report; with KS 55% g/e, CO 55% g/e, OK 61% g/e and TX 47% g/e. These are 1-2% below last week’s state reports released. Weather forecasts continue to show precipitation in the 6-10 and 11-15 ranges, but the question will be if it happens and how beneficial will it be. KC spreads say to carry the wheat that you can; K/N -11 ¼, N/U -14 ¼ and N/Z -35. Outside markets are higher this morning; USD up 290 points, Crude Oil up 75 points and S&P futures up 3 ¼ points. Look for wheat to be under pressure from the positive crop conditions and the fact that there will be abundant stocks moving into the new marketing year.

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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