Wheat Report, 05/10/2017

Wednesday, May 10, 2017

Traders are still trying to shuffle through crop reports about damage and potential, which pressured wheat on Tuesday and led to 4-5 cent losses in KC and Chicago. The focus will switch to this morning’s USDA S&D numbers until the 11:00 release, but will quickly move back to weather. FranceAgriMer reduced ending stocks for the second time, as exports rose during April. The Plains will see rain today and tomorrow, and then turn back to warm, drier conditions ahead of another stretch of precipitation during the 6-10 day range. Reports of wheat conditions are mixed based on the specific area, as some expect significant losses, while areas of W. KS now expect a little more production to be better than they thought. Mills remain active in the KC spot market, as bids are steady to better this week, with most focus on 11.5 to 12.0 pro movement. Look for another quiet start, with any activity to occur around the 11am reports.

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