USDA killing Wheat today!

[boarderbloke]

Released June 10, 2016, by the National Agricultural Statistics Service
(NASS), Agricultural Statistics Board, United States Department of
Agriculture (USDA).

Winter Wheat Production Up 6 Percent from May

Winter wheat production is forecast at 1.51 billion bushels, up 6 percent
from the May 1 forecast and up 10 percent from 2015. Based on June 1
conditions, the United States yield is forecast at 50.5 bushels per acre, up
2.7 bushel from last month and up 8 bushels from last year. If realized, this
will be the highest yield on record for the United States.

Hard Red Winter production, at 938 million bushels, is up 9 percent from last
month. Soft Red Winter, at 355 million bushels, is down less than 1 percent
from the May forecast. White Winter, at 214 million bushels, is up 3 percent
from last month. Of the White Winter production, 19.0 million bushels are
Hard White and 195 million bushels are Soft White.


Down 15 cents all months on the MGE and KCBT. Don't think this report addresses protein, which I'm hearing sound likely to be quite low in the Hard Red Winter.

[malleefarmer]

Sold wheat Thursday here new season dec delivery $274 below my target price of $285 but market looked toppy. Selling futures would have been wiser rather than physical but it a start.

Had a friend just come back from france Germany huge crops there as well

[farming101]

Still in positive territory (barely). Next week needs to stabilize.
Time is against anything great happening for old crop. July turning hot and dry
for spring wheat areas may be the next chance. And who wants that?

[errolanderson]

U.S. wheat strengthened on the coattail of the soy/corn rally. Global fundamentals have yet to improve.

Technicals were overbought. USDA just gave it an additional shove today.