Hard Red Wheat Futures Market News and Commentary
After trading modestly higher through midday on Friday, the wheat markets turned south and ended the day down by double digits. SRW futures closed 13 to 18 cents weaker in the front months, which completed the week as a 31 3/4 cent loss for December. KC futures ended the trade with 7 3/4 to 8 1/2 cent losses. Dec KC dropped 16 1/2 cents from the session’s high. MPLS spring wheat prices went into the weekend fractionally to 10 1/2 cents in the red.
The weekly Export Sales report from FAS had 511,796 MT of wheat bookings during the week that ended 11/17. That was a 4-wk high and 3rd most for a week this season. Trade ideas for this were for between 250,000-600,000 MT. Iraq was the top buyer for the week, with 150k MT previously announced. Wheat commitments sit at 13.3 MMT, compared to 14.24 MMT last year and the 21.1 MMT WASDE forecast.
Social media reports indicate Egypt booked 115k MT of wheat directly from Russia and Ukraine on Thursday.
Dec 22 CBOT Wheat clo... Read more