The wheat market is taking advantage of buying interest in corn and soybeans due to concerns over Midwest forecasts. Rain is in the forecast for the C. Plains over the next 10 days, with temperatures remaining near normal. Harvest should continue to progress around the rain chances in the forecast, but should just slowdown the momentum briefly. Cash values continue to get hammered for the low protein production that most are seeing, and the excellent yields that come with it. Rail bids for 11.0 pro are shown at about 75 cents below 12.0 pro values, and the expectation is that it will continue to be even more difficult to sell sub-11 pro in the short term. Outside markets continue to see carryover reaction to the Brexit vote, with USD up 1,500 points, Crude Oil down $1, and S&P futures down 12 points. Look for wheat to benefit from strength in soybeans and corn, as grains ignore the outside weakness.
Unless otherwise noted, the posts on this blog should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Inc. or its subsidiaries. INTL FCStone Inc. is not responsible for any trading decisions taken by persons viewing this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by INTL FCStone Inc. or its subsidiaries. Reproduction without authorization is prohibited. All rights reserved.