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Wheat Report, 12/20/2016

Monday, December 12, 2016


The market closed the week higher following an uneventful USDA S&D release, but active close with buying coming in during the last few minutes. The USDA left the U.S. balance sheet unchanged with carryout at 1.143 MB, but global carryout was raised to 252.14 MMT, from 249.23 MMT in Nov. CFTC shows funds added about 2k contracts to the Chicago net short through 12/6, compared to estimates of adding 7k. Daily estimates show that finds laid off about 8k contracts to close the week. The cold blast has some analysts expecting some winterkill over the weekend and into this week for E. CO, N. KS and S. NE, but the real effects will not be known until spring. Interior cash markets have begun the seasonal holiday weakness, as the KC spot market is saying to stop loading cars until we get into the new year. Look for grains to back off from Friday’s closing values, but otherwise the environment has not changed.


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