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Wheat Report, 11/17/2016

Thursday, November 17, 2016


The strength in the USD over the last few sessions has put pressure on the wheat markets and other grains, while KC and Chicago futures hang in a sideways pattern near recent lows. Algeria bought 580 TMT of optional-origin wheat for Jan. shipment, with expected origins of U.S., Germany, and Baltic, but we won’t know until it ships. Ukraine’s export capacity is expected to almost triple by 2020 to 157 MMT, as 36 new facilities are planned in the next four years. Weekly export sales totaled 598 TMT, at the top of estimates, with a good balance of HRW, HRS and white wheat. The USD remains near 13-year highs, but is taking a breather from gains this morning about 100. Crude Oil is slightly firmer and equities are mixed this morning, on light news. Look for wheat to chop sideways, with focus on the expanding Plains drought that could be meaningless in three months and adequate world stockpiles.


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