Wheat Report, 02/27/2017

Monday, February 27, 2017

The market is unfazed by the below-freezing temperatures over the weekend for the winter wheat crop, which shouldn’t be an issue, even for the areas coming out of dormancy. Traders will be watching for stories of adverse effects, but it will be a few weeks before anything is really known. CFTC showed the net short for CBOT wheat was cut to 38k contracts through 2/21, which was a 20k contract swing from daily estimates for the same day. The KC long continues to grow, with the current position of 34k contracts net long. There was an Iraqi tender over the weekend that only saw four offers, as the market was uncertain about terms. Values at the Gulf and PNW have been propped up by increased car costs, but there was a little decline in bids, as the secondary market saw shuttles trade at the bid and also then se bids back down. Look for wheat to start the week on a weaker note, with nothing supportive to trade off of so far.

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.

Market Intelligence Free Trial

Meet the Team

Kansas City, MO
1251 NW Briarcliff Parkway
Suite 800
Kansas City, MO 64116
Tel:+1 (816) 410-5079



Our privacy policy has changed. View our privacy policy to learn more.