Wheat Mini Futures Market News and Commentary
The Thursday wheat market is giving back some early week gains with pullbacks through midday. CBT futures are down 8 1/4 to 9 3/4 cents so far. HRW is trading 11 1/4 to 12 cents weaker. Spring wheat futures are 5 1/4 to 8 cents in the 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 is at $7.41 1/2, down 7 3/4 cents,
Cash SRW Wheat is at $6.91 5/6, down 7 7/8 cents,... Read more