Wheat Futures Market News and Commentary
At the bell for Friday, front month wheat futures had faded from their double digit gains, but were still in the black. Chicago SRW prices closed 8 to 9 3/4 cents higher, which for Dec ended UNCH with last Friday’s close. KC HRW futures closed 11 1/2 to 12 3/4 cents in the black. Spring wheat prices were up by 6 1/4 to 9 1/4 cents on the day, completing the week with a 22 1/4 cent gain and a new LOC high of $9.80/bu.
USDA’s Export Sales report showed 567,598 MT of wheat was booked during the week ending 10/7. That was above the pre-report expectations, up 7% from the same week last year, and the second largest sale of the season. The Philippines and Mexico were the week’s top buyers, each with over 100k MT booked. USDA reported 458,882 MT were shipped, which was down 10% from the same week last year. Accumulated wheat commitments sit 20% behind last year’s pace at 440 mbu, with 301.7 mbu of that already shipped.
Japan’s Ministry of Ag booked 119,512 MT of wheat from... Read more