Wheat Report, 06/23/2016

Thursday, June 23, 2016

KC wheat has set contract lows the last three sessions due to the massive harvest coming in, although, the market is getting a little support from outside markets this morning. Harvest reports continue to show very good yields and good quality, but the market is getting inundated with low protein wheat. Export sales were reported at 463 TMT, falling within the estimate range, and it is interesting to note there were 17/18 sales of 2,500 MT. The flat price decline could put U.S. values back near competitive in the global market, but what the U.S. needs is a feed wheat program to materialize for the export market. Cash values are sinking for low protein stocks, as more hits the market, but premiums for 12 pro or better are holding up. The USD is under pressure this morning, as the market awaits the ‘Brexit’ vote results, down 580 points, and Crude Oil is up 70 points. Look for wheat to chop around unchanged today, as outside markets give support but row crops move lower.

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