Wheat Futures Market News and Commentary
Thursday’s wheat market is set to begin the day session mixed but mostly lower, as thin Dec contracts are holding fractional gains while the more active futures are 1 ¾ to 4 ½ cents lower. Front month wheat futures were 1.7% to 4.4% higher on the day, led by the December HRW contract. Open interest in the Dec contracts, with Chicago falling 10,818 as the shoeboxes came out, leaving only 2,347 open on First Notice Day. At the close HRW futures were 16 ½ to 27 cents in the black. Front month spring wheat prices were 12 to 12 ¾ cents stronger. SRW futures closed 12 ¼ to 13 ¾ cents higher.
There were 100 contracts worth of delivery notices vs. KC December wheat, all by an SG Americas customer. There were 1,347 contracts put out (well over half of the remaining OI) against Chicago December, with LDC unburdening themselves of 1,130. Marex and JPM customers were the main stoppers.
The Minneapolis Grains Exchange reported wheat stocks were 20.474 mbu as of 11/26. That was 1.... Read more