Wheat Report, 05/18/2016

Wednesday, May 18, 2016

The wheat market closed 4-7 cents higher yesterday in KC and Chicago, as row crops took the lead higher and concerns linger over excess moisture for areas of the HRW and SRW crops. Temperatures are expected to warm up this weekend, but precipitation continues to move through much of the S. Plains this week and into the 6-10 day range. Jordan has issued a tender for hard milling wheat, but they have not made any purchases in recent tenders going all the way back to early March. Nearby spreads are stronger, in reaction to excess moisture concerns of harvest delays for TX/OK. The USD is up 260 points this morning, pressuring grains, and Crude Oil is slightly lower but still near highs. Look for the market to pull back much of Tuesday’s gains, with progress expected for row crop planting and mostly favorable conditions for wheat growth.

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