Wheat Report, 09/15/2016

Thursday, September 15, 2016

The wheat market turned higher during the last 30 minutes of trading Wednesday, after the USD gain up gains from the previous day going into the grain close. Funds liquidated 3k contracts of the CBOT wheat short, which puts the net position at about 130k contracts short. Export sales came in within the 350-550 MMT estimate range at 402 MT, but that is a sharp decline from last week. HRW sales made up about 187 TMT and HRS made up about 100 TMT this week, with Japan and Philippines as the top buyers. Weather forecasts for the C. Plains show above normal precipitation and above normal temperatures for much of the next two weeks, so wheat planting and fall harvest progress will be slow. Bids have trailed off for 11 pro interior rail markets, due to many needs getting covered early in the month and backing away for a bit. Look for a little firmer start to the day for wheat, as more of the fund short is expected to be covered.

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