Wheat Report, 07/20/2017

Thursday, July 20, 2017

The market stayed on a lower track overnight, with MGEX remaining under pressure, leaving KC and Chicago down 3 cents. Export sales were impressive across the grains last week, with wheat showing 670 TMT, above the high estimate of 450 TMT, as HRW made up almost half of the sales. U.S. weather is little changed, but there are a few showers expected this weekend that could slow the end of winter wheat harvest. Brazil saw a hard freeze in wheat areas earlier this week, which occurred during flowering and grain fill, so the market will be watching for further reports of expected damage. The EU has seen widespread rainfall in Germany and Poland that could help production but will lead to further quality issues. Cash markets are a bit erratic in interior rail markets, as values into LA have backed down following weaker eastern bids. Export sales could help wheat get back to unchanged, with row crops already stronger to start the day.

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