Friday wheat trading has the board working double digits lower through midday. Chicago SRW is setting near the day session’s lows on 15 1/4 to 21 1/4 cent losses. Front month KC wheat is down by 14 1/4 to 19 cents with December just 1/2 a cent above the session’s low. MPLS spring wheat futures are down 7 1/4 to 18 1/4 cents and sitting at the low for the day.
USDA reported 212k MT of wheat was sold for export during the week that ended 10/6. That was down from 229k MT last week and from 567k MT during the same week last year. Wheat commitments trail last years sluggish pace by an additional 4% at 11.127 MMT. That is the slowest commitment pace through the first 19 weeks of the season since USDA began reporting in 1990. Recall the Wednesday WASDE had the season’s total wheat export forecast at the lowest since 1971/72.
The Ukrainian Ag Ministry showed the 3.7 MMT of wheat exports for the year trail last season’s pace by 63%. All grain exports out of Ukraine are down by 36% yr/yr through 10/12. France has planted 21% of their 23/24 wheat crop through 10/10, which is up from 3% last week and compares to 11% at the same time last year – FrancAgriMer.
Dec 22 CBOT Wheat is at $8.74, down 18 1/4 cents,
Mar 23 CBOT Wheat is at $8.90 3/4, down 17 3/4 cents,
Cash SRW Wheat is at $8.09 5/8, down 18 1/4 cents,
Dec 22 KCBT Wheat is at $9.67, down 15 1/4 cents,
Cash HRW Wheat is at $9.25 1/4, down 15 1/8 cents,
Dec 22 MGEX Wheat is at $9.63 1/2, down 15 1/2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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