Wheat Report, 01/30/2017

Monday, January 30, 2017

The wheat market slid six cents in KC and Chicago to close out the week, due to global stocks weighing on the recent rally. Crop concerns have been limited in scope for U.S. HRW so far, as precipitation has been good and temperatures have remained above normal most of the winter, and snow cover in the Black Sea has only a small area of Russia under watch. Global values crept up last week, as seen in the Egyptian tender results, as quality in some countries and exchange rates are having an impact on offers. KC spot market bids for 11 pro cars slipped going into the weekend, with specific spreaders needed to trade posted bids, and demand continuing for 12 pro and some 10.5 pro to balance grinds. Outside markets could be heavy on grains, as the USD is up 300 points and Crude Oil is steady. The wheat market will be pulled down by double-digit losses in soybeans, as finds were major buyers of soybeans and corn according to the CFTC.

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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