Wheat Report, 05/06/2016

Friday, May 6, 2016

The market closed 5-9 cents lower on Thursday, as expectations of an abundant new crop and large domestic and global stocks have finally started to catch up with the rally. The final estimate from the Wheat Quality Council KS Wheat Tour showed 48.6 bpa yield and production of 382.4 MB vs actual 2015 yield and production of 37.0 bpa and 321.9 MB. The decline in futures has moved Gulf values back down near global competitiveness and there is some business being put on and chances for more to come on further decline. Extended forecast show above normal precipitation and normal to slightly below average temperatures through the 8-10 day range. Outside markets are quiet this morning, but USD strength has contributed to some of the turnaround in grains and oilseeds. Look for a quiet start to the day, but if the soybeans make another run higher, wheat will get pulled along.

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.