Wheat Report, 04/03/2017

Monday, April 3, 2017

The market ended last week on a positive note following the USDA Stocks and Plantings reports, mainly on bullish support for corn. March 1 stocks were 1.655 BB, showing about 420 MB usage during the quarter, and all wheat planting at 46.1 mil acres. CFTC showed funds added 15k contracts to the CBOT short position through 3/28, leaving a 145k contract short, and sold 16k contracts over the same period in KC, leaving the net position 1.5k short. The export markets have been busy, with U.S. right in the middle on global values and seeing some business while flat price stays low. The interior market saw a little support to close March, but this week will be the true tell, to see if it was true demand or inventory support. Forecasts show rains moving out of the Plains over the next couple days, followed by a stretch of warmer temperatures and dryness. Look for short-covering to keep prices higher to start the week, but long-term strength is not likely or welcome to stay competitive in the market.

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