Wheat Report, 08/22/2016

Monday, August 22, 2016

New week, but the same story for the wheat market, as little fresh news is pushing prices significantly either direction. Row crops are slightly weaker to start the week, as traders in the Corn Belt will be watching the Pro Farmer crop tour for another view on the crops. KC spot bids remained firm for mid-12 to 13 protein levels, while the spread between 11.5 and 12.0 has narrowed again. Truck markets feel plugged, but the recent export demand has some low protein stocks moving into shippable positions to move to the gulf. EU Crop Monitor cut the soft wheat yield estimate from 90.7 bpa to 87.1 bpa, due to the sharp production declines in France. Crude Oil is down over $1/bbl this morning and could weigh on grains and oilseeds today, with the USD recovering some losses. Look for sideways trade to continue for wheat, as the market knows that stocks outpace demand, but look for bids to surface for buyers with specific needs.

Unless otherwise noted, the posts on this blog should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Inc. or its subsidiaries. INTL FCStone Inc. is not responsible for any trading decisions taken by persons viewing this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by INTL FCStone Inc. or its subsidiaries. Reproduction without authorization is prohibited. All rights reserved.

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