Wheat Report, 06/28/2016

Tuesday, June 28, 2016

Overnight trade saw initial weakness on improved conditions, but turned higher due to concern over hot, dry weather long-term for the Corn Belt. Weekly export inspections were reported at 512 TMT last week, with large HRW shipments going to African countries. Extended forecast maps show a slightly warmer change to the 6-10 and 8-14 day ranges, while precipitation chances remain above normal for much of the Plains and Midwest. Crop conditions improved 1% to 62% G/E last week, on increases in KS, NE, and OK, as well as SRW improvement in IL & IN. Egypt’s Supply Minister said the country has enough strategic wheat reserves to last until Jan. 2017, in part due to receiving an additional 1 MMT over expectations from local farmers since the start of harvest. USD is down 630 points, Crude Oil is up 130 points and S&P up 23 points, as the Brexit sell-off wanes. Look for wheat to follow corn and beans higher, as outside market support the higher move related to weather concerns.

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