Wheat Futures Market News and Commentary
SRW wheat futures closed the day with a 3.3% gain in the Dec contract, and with 17 cent gains for the other front months. KC HRW futures settled the Monday session 10 to 11 ¼ cents in the black. Spring wheat was mostly left out as gains were limited to 6 ¼ cents.
USDA reported a private 440k MT SRW wheat sale to China this morning for 23/24 delivery.
The weekly Export Inspections report had 187,955 MT of wheat shipments for the week ending 11/30. That compared to 288k MT last week and 342k MT from the same week last year. Over 100k MT of the week’s total was listed as HRS. USDA had the season total at 8.324 MMT as of 11/30, down from 10.917 MMT last year.
Wheat production in Canada was listed at 31.954 MMT via StatsCan’s data release. Traders were looking for between 29.3 and 32.3 MMT going into the report, with 31.1 as the average estimate. By class, StatsCan showed a 4.04 MMT durum crop (below the 4.5 MMT average trade guess), a 24.76 MMT spring wheat crop (24... Read more