Wheat Report, 07/29/2016

Friday, July 29, 2016

Stronger trading in Paris and Europe wheat contracts was not enough to keep U.S. prices above unchanged on Thursday, with demand for U.S. wheat not big enough to push values higher. The spring wheat tour estimated the yield at 45.7 bpa vs. 49.9 bpa LY and 45.9 bpa 5-YA, with durum yield at 45.4 bpa vs. 39.2 bpa LY. Egypt’s GASC purchased 120 TMT from Russia and Romania at an average price of $177/MT C&F for Sep. 1-10 shipment. This was up $2/MT from the last tender and is $26-28/MT above U.S. wheat C&F values. Argentina’s planted acres are expected to decline by 0.1 mil ha from previous estimates, due to delays in soybean harvest. KC spot mid-12 protein levels saw a better value trade, but buyers continue to look for specific proteins and spreaders. Expect quiet trade to close out the month on lack of news to push prices out of recent ranges, while the USD continues to weaken and could give some support.

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