Wheat Report, 05/05/2016

Thursday, May 5, 2016

Overnight trade chopped around unchanged, after closing slightly higher yesterday with USD limiting the upward move in grains. Export sales showed 179 TMT of old crop and 140 TMT of new crop this week, which were large reductions from last week but came in near estimates. The second day of the KS wheat tour estimated SWKS yield at 49.3 bpa vs. 34.5 LY. This brings the 2-day total to 48.2 bpa, and the final estimate will be released this afternoon as scouts make their way back to Manhattan. The OK Grain and Grain meeting put out a crop estimate of 131 MB and 34 bpa yield, and also had a trade estimate of 128.5 MB, which compares to 98.8 MB, 42.9 MB and 105 MB the previous three years. Cash markets are mostly flat, with KC spot values still supported as mills looks to keep the pipeline full going into harvest. Look for some support to come from very good soybean sales this week, but fundamental pressure should keep wheat around unchanged

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.