Wheat Report, 04/26/2016

Tuesday, April 26, 2016

Wheat was mixed overnight on beneficial weather expected over the next couple weeks, as corn and soybeans were the leaders in the rally to start the week. The U.S. winter wheat crop improved to 59% g/e over the last week vs 57% LW, with improvements in all seven to the major HRW states as rain helped the crop. Export inspections declined slightly from the previous week to 406 TMT, but met expectations, although the pace to reach the USDA estimate keeps getting further out of reach. There was HRW that shipped out of the center to Brazil, but no shipments out of the Texas gulf this week. The interior market continues to be supported by mills cover needs in the rail markets, but the question is how long does it last. Look for wheat to struggle to push much above unchanged, but another corn or soybean rally would drag wheat with it.

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