Wheat Report, 05/16/2017

Tuesday, May 16, 2017

The KC July and Sep contracts lost 10 cents on Monday, as traders expect the crop will produce adequately to cover needs. The major concern falls on disease pressure and lack of protein. Weekly export inspections saw 691 TMT reported to ship last week, breakdown: HRW 250 TMT, HRS 207 TMT and soft white 194 TMT. North African destinations topped the list for HRW out of the TX Gulf, with about 171 TMT combined. Updates to the 6-10 day maps show cooler, and drier pattern for Kansas than previous models. Crop conditions showed a 2% drop for winter wheat to 51% G/E, with HRW states mixed as NE improved 10% and KS rose 1%, while CO was u/c and OK fell 1% and TX fell 3%. The KC Spot rail market saw 11.0 pro cars get a little support late yesterday, trading about 20 cents higher, bringing values up toward 11.2 bids. Traders will be watching weather conditions the rest of the week, while wheat buyers try to figure out how the approach new crop values.

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