Wheat Report, 05/30/2017

Tuesday, May 30, 2017

Harvest progress over the holiday weekend has wheat under minor pressure and continuing sideways, as favorable weather allowed harvest to move up into S. OK. Reports show good TW but low protein, so far, with concerns over effects of disease and what it could mean for the Kansas crop. The CFTC report through last Tuesday showed funds reduced the short by about 10k contracts, while daily estimates only expected a 2k contract reduction. Argentina’s Ag Ministry raised their 17.18 wheat production estimate to a record 20 MMT, up from 18.4 MMT LY. Cash markets are firm, as reports of another low protein crop, keep buyers looking to cover needs for 11.5 and above. The weather market continues for grains, as the warm, dry window is expected to allow wheat harvest progress and an opportunity to finish corn and soybean planting in the western Corn Belt early this week.

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