Winter wheat futures worked lower on Tuesday, and closed with some double digit losses. Dec through May SRW ended 10 to 11 3/4 cents weaker as the other front months closed down by 7 to 9 cents. HRW futures ended the session 7 to 8 1/2 cents weaker. MGE HRS wheat futures ended the day off the lows and fractionally mixed.
The UN’s spokesperson said the Moscow meeting was positive and constructive – citing talks regarding the grain export corridors from Ukraine in a joint venture between Russia, Turkey, Ukraine, and the UN.
Ukraine’s Ag Ministry reported October grains exports were down just 2.4% yr/yr through 10/17, citing cooperation via the grain export corridors. Inspections in Istanbul Turkey picked up pace through the weekend, easing the backlog somewhat. There are still a number of grain vessels backed up in Turkey awaiting inspection. Ukraine has planted 58% of the expected winter grain area, including 2.5m HA of wheat (61% of expected).
Dec 22 CBOT Wheat closed at $8.49 1/2, down 11 1/2 cents,
Mar 23 CBOT Wheat closed at $8.67 3/4, down 11 cents,
Cash SRW Wheat was $7.84, down 11 1/2 cents,
Dec 22 KCBT Wheat closed at $9.44 1/2, down 7 1/2 cents,
Cash HRW Wheat was $9.03 7/8, down 7 1/2 cents,
Dec 22 MGEX Wheat closed at $9.56, up 3/4 cent,
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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