Hard Red Wheat Futures Market News and Commentary
After a mostly bull friendly report, the wheat market is trading in the red through Friday’s midday. Chicago futures are down by double digits for midday, with 5 ½ cent losses in the KC wheat market. MGE spring wheat futures are working with midday losses of 5 ¾ cents across the front months. The cash averge price for wheat from the WASDE report was a dime higher at $7.30.
USDA reported China booked another 110k MT of SRW via private export sale.
USDA’s December balance sheet for the domestic wheat situation increased the SRW exports by 30 mbu to 175 mbu, while also trimming the white wheat by 5. On net that set the total wheat exports 25 mbu higher to 725 mbu. That cut projected carryout to 659 mbu, compared to the UNCH 684 trade average guess going into the release. They raised the projected cash average price 10 cents per bushel for the year, due to the stronger export demand.
The global wheat picture saw a 1 MMT boost for Australian wheat production and... Read more
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