Wheat Report, 11/02/2016

Wednesday, November 2, 2016

The market faced 1-2 cent losses in KC and Chicago, while MGEX fell 7 cents, as there was a risk-off mentality to start the month. The sideways trend continues, with crop concerns still minor since the growing season remains long and spring will have a major effect on the crop. An Australian exporter lowered their W. Aussie production estimate due to recent frost, while our Aussie team raised their estimates. Black Sea wheat exports were increased by UkrAgroConsult to 54.1 MMT, up 12% from last year’s total. U.S. cash markets remain firm, although a slight dip in values could be in the cards, as mills continue to cover demand ahead of the holiday season. The USD continues to fade from the high set last week and approaching the 97 level, while Crude Oil and equities are both lower this morning, as well. Look for grain to recover some of the losses seen yesterday, but wheat needs to see some major crop issue to break this trend.

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