Wheat Futures Gave Back Double Digits

At the close for Thursday, wheat futures gave back double digits of +20 cents. CBT SRW ended the day down by 1.77% to 2.55%. KC futures closed with 2.09% to 2.55% losses in the front months. Spring wheat futures ended the day down by 1.77% to 1.94%. 

Japan seeks 97,343 MT of wheat from U.S., and Canada in a regular tender. Jordan is on the market for 120k MT of wheat. Algeria issued a 50k MT durum wheat tender closing 10/7. Iraq’s 50k MT wheat tender is believed to be filled by Ukraine with a reported $386/tonne C&F bid. Tunisia booked 1050k MT of wheat, 100k MT of durum wheat and 100k MT of barley via an international tender. 

USDA’s weekly Export Sales data showed 229,400 MT of wheat was sold during the week that ended 9/29. That was down from 280k MT last week and was near the bottom of the expected range going into the report. The Philippines and Taiwan were the top buyers, though neither booked +100k MT. The week’s shipment was listed as 630k MT, setting the season’s total at 7.757 MMT. That is now 0.06% ahead of last year’s pace. 

By class, the weekly report showed 43% of the week’s booking was spring wheat, and 1/4 was each HRW and white. Through the first 18 weeks of the season, spring wheat holds a 29% share of the total wheat commitment, HRW has a 28% share, white is at 22% and SRW is at 19%.

Dec 22 CBOT Wheat  closed at $8.79, down 23 cents,

Mar 23 CBOT Wheat  closed at $8.92 3/4, down 22 1/2 cents,

Cash SRW Wheat  was $8.12 3/4, down 23 cents,

Dec 22 KCBT Wheat  closed at $9.65, down 25 1/4 cents,

Cash HRW Wheat  was $9.23 7/8, down 25 1/2 cents,

Dec 22 MGEX Wheat  closed at $9.62 1/2, down 19 cents,