Wheat Report, 05/17/2016

Tuesday, May 17, 2016

Overnight trade is showing steady to better trading across the three contracts, as buying moves back into the soybean market. Export inspections saw a decline from the previous week to 368 TMT, with Japan noted as the top destination. Favorable crop ratings continue for winter wheat in the U.S., showing unchanged at 62% g/e; as KS, MT, NE and SD showed slight improvement and slight declines in CO and TX. Near-term forecasts show cool and wet conditions continuing across the southern Plains this week, with some much needed warmer temperatures late next weekend. Germany’s farm coop assoc. estimated 2016 wheat crop at 25.6 MMT, down from 26.1 MMT last month and down 4% from last year, as producers favor canola planting. Cash markets remain strong for spot rail wheat, but new crop coverage still feels light by mills. Look for wheat to start slightly stronger on wet condition concerns in southern areas, with the soybean market acting as the driver today on buying interest.

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.