Wheat Report, 06/20/2016

Monday, June 20, 2016

Overnight trade was lower from the start last night, as weather maps look favorable again for wheat harvest and Midwest row crop planting and growth. The CFTC reduced the net Chicago wheat short by 25k contracts on Friday, as funds were not expected to have added as many contracts during the downturn, as was expected. There was a report that Egypt will face hefty additional export costs and other expenses related to their measures taken toward imports of wheat and the ergot limits. The milling market showed interest in a group of 14 pro spot cars on Friday, but other parts of the protein scale were mostly flat. Outside markets look supportive to commodities, with USD down 660 points, Crude Oil up 85 points and S&P futures up 27 points, as the world prepares for the “Brexit” vote. Look for grains to trade lower, pressured by advancing wheat harvest and favorable weather.

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