Wheat Report, 12/15/2015

Tuesday, December 15, 2015

The market opened lower overnight then rallied back before failing early this morning. A lot market chatter about low quality Argentina wheat forcing Brazil to source U.S. HRW. Argentina is pricing themselves competitively with other global exporters, which could lower stocks rather quickly. Export inspections came in above expectations and on pace to reach the USDA estimates. Algeria reportedly purchased 800K of milling wheat, with Argentina reported to be a source. On the technical side this market is struggling to push past the $4.90 mark, and selling pressure could stack up on a weak close today. Outside markets are stronger with crude oil higher, stocks very firm, and the US Dollar up 172 points.

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