Wheat Report, 04/13/2016

Wednesday, April 13, 2016

The wheat market benefitted from declining conditions and nearby physical demand and closed 3-6 cents higher on Tuesday. USDA S&D numbers came in near expectations and had very little effect on trading, showing U.S. carryout at 976 MB and global carryout at 239 MMT, both were minor increases. Cash values into the milling markets and the gulf are a few cents stronger and has narrowed the KC K/N to -10 ½. Weather forecasts continue to show good coverage for the S. Plains wheat areas this weekend and early next week, but most of the market is waiting to see if it comes through. Egypt was a buyer of 175 TMT of wheat yesterday from Romania and Ukraine at $193/MT C&F. Outside markets should be pressuring grains this morning, but that’s not the case so far, with USD up 650 points and Crude Oil down 60 points. Soybeans are the driver higher this morning, helping wheat to continue to move off lows.

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.

Market Intelligence Free Trial

Meet the Team

Kansas City, MO
1251 NW Briarcliff Parkway
Suite 800
Kansas City, MO 64116
Tel:+1 (816) 410-5079



Our privacy policy has changed. View our privacy policy to learn more.