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Wheat Report, 03/23/2017

Thursday, March 23, 2017


The market has been sliding this week, following the recovery last week, with traders expecting conditions to improve with the rainfall expected for the winter wheat areas. Trading ignored the larger fund short, and it looks like it will increase again in Friday’s report. Overnight trade was steady, on light volume across the grains, but that doesn’t change the current trend that is working toward January lows. Egypt was reported to have rejected at least 7 cargoes of wheat in recent months following new guidelines introduced in January, leading global exporters to add risk premium back into offers. Saudi Arabia purchased 120 TMT for U.S. HRW for this marketing year at $216/MT C&F. Weekly export sales showed 419 TMT for 16/17 and 150 TMT for 17/18, both on the higher end of estimates. The Black Sea crop could face very cold temperatures later this month, so the market will be watching for more news. Look for a quiet start to the day, with opportunity for a little support from exports.


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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