Wheat Report, 08/10/2016

Wednesday, August 10, 2016

Light volume overnight has the market slightly higher, following a mostly steady close on Tuesday. There has been very little news to trade on, and traders seemed tired of moving the market on old stories. Most of the market is looking ahead to Friday’s USDA S&D reports, with carryout the major focus for wheat and expectations of a slight increase of U.S. ending stocks on larger production. Forecasts show the northern plains will remain warm and dry over the next 14 days, so spring wheat harvest should move along, with the major concern being low falling number. There has been evidence that some mills are working some 11 pro HRW into the grind going into fall, but they are likely to boost proteins with spring wheat in typical 12.0 pro grinds. Look for some light support from soybeans and a weaker USD, but traders seem content to wait for the report.

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