Hard Red Wheat Futures Market News and Commentary
The front month wheat futures are trading another 4 to 9 cents in the black for Thursday. Chicago futures are up by as much as 1.6%, while the HRW contracts are gaining 1.2% to 1.5%. Spring wheat futures in Minneapolis are up by 4 ½ to 7 cents so far.
The weekly Export Sales report showed 356,412 MT of wheat was booked during the week that ended 11/30. That was a step back from the 622.8k MT sold last week but was inline with estimates and was above the 5-wk average. HRS bookings made up 151k MT of the total. Wheat commitments trail last year’s pace by 4.4% with 479.3 mbu on the books.
Census reported 1.07 MMT of wheat was shipped during the month of October. That put the season’s official shipment at 7.25 MMT (266.4 mbu). That is the slowest pace since 69/70 and is 38% of the season’s forecasted sum.
Wire sources suggest Pakistan is tendering for 110k MT of wheat. Bangladesh is on the market for 50k MT of milling wheat. Lebanon seeks 30k MT of milling wheat via... Read more