Wheat Report, 12/21/2016

Wednesday, December 21, 2016

The market remains in a sideways pattern, as we move closer to the consecutive holiday weeks, with concerns over winter wheat conditions being outweighed by the massive global supply and good conditions for the Black Sea crop. U.S. wheat needs to keep flat price near lows, in order to stay competitive in the global market, and nothing has shown a need to change that pattern. Egypt’s GASC announce a purchase of 360,000 MT of wheat for Jan. 20-31 delivery, coming from Russia, Argentina and Romania at an average price of $197.50/MT C&F, marking the first Arg. wheat since Dec. 2015. Domestic bids have firmed this week for 12 pro and higher, while mid-11 pro has softened, while it is debatable whether or not 11.4 pro was ever as strong as was posted. Look for another quietly mixed day in wheat, with the USD slightly lower, but still pressuring value in the global market for wheat.

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