Wheat Report, 07/15/2016

Friday, July 15, 2016

A weaker close on Thursday was driven by corn and soybeans turned sharply lower after new weather maps added a seemingly minor increased rain chance. Wheat is trying to tread water this morning, with little news to push the market either direction in early trade, but row crops have led the way recently. Nearby weather maps are cooler and wetter than previous models, which is beneficial to row crops but won’t have much effect on any of the wheat crops. The KC spot rail market saw buyers show support to 11 pro, after losing about 40 cents over the previous two sessions, as mills began to take advantage of cheap values. Outside markets are quite, with USD down 70 points, Crude Oil up 25 points and S&P futures up ½ point. Look for wheat to dance around unchanged to slightly higher, as the Sep. Chicago and KC float around the 10-day MA.

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