Hard Red Wheat Futures Market News and Commentary
At the closing bell on Thursday, front month domestic wheat futures were in in the red. SRW futures gave back 4 1/4 to 5 1/4 cents. HRW closed down by 3/4 to 1 1/4 cents. Spring wheat ended the day fractionally mixed to 4 1/4 cents weaker. USDA reported 743,176 MT of wheat bookings for the week ending 10/22. That was above estimates, 102% above LW and up 50% yr/yr. South Korea, Mexico, and Japan were the top destinations in the report. Exports from the same report were 230% higher wk/wk with 442,535 MT (16.26 mbu) shipped. Accumulated exports from weekly data is running 2.6% above last season’s pace with 10.632 MMT shipped since June 1. IGC’s October forecast calls for 764 MMT of wheat production. That was 1 MMT higher than the September number. Stocks were 3 MMT tighter at 291.
Dec 20 CBOT Wheat closed at $6.03 3/4, down 5 cents,
Dec 20 KCBT Wheat closed at $5.42, down 1 1/4 cents,
Dec 20 MGEX Wheat closed at $5.52 1/4, up 1/4 cent,... Read more