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Wheat Report, 11/07/2016

Monday, November 7, 2016


Minor strength continues this morning, following 1-2 cent gains on Friday, as the market prepares for the election on Tuesday and USDA reports on Wednesday. Funds liquidated 8k contracts more of the net short position than daily estimates showed as of 11/1, putting funds 116k contracts short at the end of that day. The move by Egypt to devalue its currency this week, will greatly hurt the buying power of the country in the global market, as the Egyptian pound lost more than 65% of its value. Weekend rains were a disappointment for W. KS and E. CO, while C. KS, OK and TX saw varying amounts. The system will move out of the eastern Plains and into the Corn Belt today and tomorrow. Cash markets are holding their footing so far in November, but exports are slowing which leaves mills as the market driver. Outside markets are stronger on political news, with the USD up 570 points, Crude up 50 points and S&P up 29 points.


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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