Wheat Dec '21 (ZWZ21)
Wheat Futures Market News and Commentary
Month end position squaring allowed wheat prices to rebound on Wednesday with double digit gains in the winter wheat contracts. December spring wheat was up 16 1/2 cents, but the other nearbys recovered just 4 1/2 to 8 1/2 cents on the day. SRW futures closed up by 10 1/2 to 14 cents, leaving March at a WTD loss of just 1 1/2 cents. March KC wheat is still down by 12 1/4 cents for the week thus far, but futures recovered 12 cents on the day.
Going into the weekly Export Sales report, traders expect between 300,00 and 625,000 MT of wheat was sold during the week of 11/24. New crop wheat bookings are estimated below 100k MT.
EU wheat exports reached 13.89 MMT as of 11/27. That was 3% above last season’s pace.
StatsCan production estimates show traders expect Canadian wheat to increase 100k MT to 34.8 MMT from the prior estimate. The full range is to see between 33.8 MMT (-0.9 MMT) and 35.5 MMT (+0.8 MMT) ahead of the data. Spring wheat specifically is expected to... Read more
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