Wheat (P) Futures PricesThu, Dec 18th, 2014
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Wheat futures rallied to new highs for their moves earlier today, but the front months of all three major classes ended the session at least 19 cents off of their respective highs for the day. They were able to keep gains of only 1 to 6 3/4 cents from yesterday. The Russians indicated that they would resume buying for intervention stocks next week. We are told the price for #3 would be 10,100 R/MT, or $164.89/MT at the current exchange rate. That’s $4.48/bushel interior Russia. The USDA weekly export sales report indicated a need for some additional markets, with net sales last week at 509,500 MT including 33,200 MT of new crop. The USDA baseline acreage forecast for the next 10 years, released today, calls for wheat acreage to be 56 million in 2015 and drop to 53 million in 2016.
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