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Wheat Report, 03/20/2017

Monday, March 20, 2017


Last week closed on a quiet note, as the market showed little conviction to break out of the trend, but all three contracts recovered from lows. Car costs rose late last week, as some new business has been booked and shippers don’t have all their freight locked in. Daily fund position estimates were vastly inaccurate for the week ending 3/14, with CFTC reporting the net short increasing by 45k contracts, compared to estimates of 20k contracts. This typically leads to short-covering, but with weather at the front of most traders’ minds, it’s hard to tell if much will occur. The Plains are expected to see precipitation the last half of this week, so that will be the major focal point this week. The March 31 stocks and plantings reports will be on the minds of traders over the next two weeks, while watching to see if rain materializes. Look for positive trade to start the week, but if beneficial rains occur, we could see the recent gains removed.


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