Kansas City wheat futures traded stronger today, mostly influenced by outside markets, according to traders. The U.S. Dollar was trading weaker today and gold was trading higher, traders said. 

Favorable rains in Oklahoma and Texas fell over the weekend, but rainfall amounts in Kansas were fairly disappointing, traders said. 

Outside of the U.S., Russia experienced some beneficial rain for the winter wheat crop, but colder weather is in the forecast that could be harmful, according to traders.

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Kansas City wheat futures traded lower this morning, with rain in the forecast later in the week for U.S. winter wheat areas, traders said.  Dry conditions in recent weeks have raised concerns regarding emergence of the winter wheat crop, and the rain should bring some relief, traders added. CBOT corn and soybean futures were also lower this morning, coming off of a heavy harvest weekend.  Crop progress reports will be released this afternoon, and the soybean harvest is expected to be 80 to 85% complete, while corn is estimated at 70% complete, traders said. 

Kansas City wheat futures started lower primarily on outside markets but moved higher on a sale of wheat to Egypt and strength in corn futures, traders said.  The U.S. Dollar was trading higher early and crude and gold markets were lower, according to traders.  News that Egypt purchased 220,000 metric tonnes of U.S. wheat supported the turn in KC wheat higher.  There was no real follow-through on the downside, traders said.  CBOT corn futures continue to rally on last week's USDA reports of lower production numbers.

Lower-than-anticipated corn yields in today's USDA crop production and supply and demand reports triggered limit-high trading in grain markets today, according to traders.  Kansas City wheat futures gapped higher on the opening, traded to the 60-cent limit high, then backed slightly off of the highs by midday.  The USDA is estimating corn yields at 155.8 bushels per acre, below average guesses of 160 bushels per acre, traders said.  Total corn production is now estimated at 12.664 billion bushels, below average guesses of 12.95 billion bushels.  Corn ending stocks are also the lowest in years, now estimated at 902 million bushels, traders added.  U.S. wheat carryout also came in below average guesses, now estimated at 853 million bushels.   

Kansas City wheat futures traded better today, finding support from outside markets and dried up selling interest, traders said. 

The U.S. Dollar was weaker today, and crude oil and gold futures were both trading stronger, carrying over into wheat futures, traders added.

After being hit hard in recent sessions off of highs, selling interest has decreased allowing prices to move off of lows today, traders said. 

Winter wheat planting appears to be on average in regards to planting progress, according to yesterday's USDA crop condition reports. 

Kansas is behind in plantings due to dry weather, estimated at 45% planted compared to a 53% average at this time of year. 

Previous editions of the KCBT Review Newsletter can also be found on the website. Simply click on the date you would like to view or download on this page: KCBT Review Newsletter.