Hard Red Wheat Futures Market News and Commentary
Front month wheat futures pulled back on Thursday, but closed nearly a dime off their intra-day low. CBT SRW futures went home 2 3/4 to 3 3/4 cents in the red. KC HRW futures faded by 4 to 5 cents on the day. MPLS spring wheat prices were higher with 1 1/2 to 7 1/2 cent gains in the front months.
USDA Export Sales data showed 189,858 MT of wheat sold in the week ending 12/1, a 22% increase over the previous week. That was on the low end of the trade range of estimates of 150,000 to 350,000 MT. Accumulated wheat commitments 13.64 MMT, compared to 14.56 MMT last season.
Analysts surveyed ahead of the monthly WASDE report show an average trade estimate of 581.3 mbu for US wheat carryout. That would be a 10.3 mbu increase from November if realized. The full range is to see between 551 and 602 mbu. World stocks ideas run 262.5-276 MMT, with an average of 268 MMT. That would just be 200,000 MT over last month.
Dec 22 CBOT Wheat closed at $7.24 1/4, down 2 3/4... Read more