Hard Red Wheat Futures Market News and Commentary
The Thursday wheat market went home with some double digit losses. CBT futures ended with 5 1/2 to 8 cent losses. Kansas City prices were 11 to 12 1/4 cents in the red. Spring wheat prices closed 4 1/2 cents to 7 1/2 cents red.
USDA had wheat export bookings at 362,374 MT for the week that ended 10/14. That was within the range of estimates but down 37% from the week prior. USDA noted Nigeria and Japan were the top buyers, and Mexico was the top destination for the 160k MT shipped. The shipments were a 16 week low, and down 27% from the same week last year. Accumulated exports now trail last season’s pace by 28% with 8.37 MMT shipped through 10/14.
USDA’s Ag Attache sees Egypt wheat imports 12.4 MMT for the 21/22 MY. The Attache also sees 9 MT of output. Those compare to 12.14 and 8.9 MMT last season and USDA’s official 13 and 9 MMT forecast.
Dec 21 CBOT Wheat closed at $7.41 1/4, down 8 cents,
Cash SRW Wheat was $6.91 4/9, down 8 1/4 cents,
Dec 21... Read more