Thursday wheat futures bounced back to mitigate some of early week weakness. CBT SRW futures closed 8 to 13 cents higher in the front months. For December, that has the contract sitting at a net 10 1/2 cent loss WTD. KC HRW futures went home 8 to 11 3/4 cents stronger on the day. Front month spring wheats closed 9 to 14 1/2 cents higher.Â
Weekly Export Sales data for wheat came in with 163,128 MT for the week of 10/13. That was down from 3 consecutive +200k MT sales, below estimates, and was down 63% from the same week last year. Accumulated wheat commitments now trail last years pace by 8.5% with 11.3 MMT on the books.Â
China is set to release 40,200 MT of wheat from state reserves on 10/26.Â
The October IGC estimates show a mostly UNCH balance sheet from Sept. Production was left at 792 MMT. Argentina was reduced by 500k MT but offset by increases to U.S., Russia, and Australia. On net, stocks were lifted by 200k to 285.8 MMT.Â
Russian wheat planting began with SovEcon estimating 18.8m HA and 84.8 MMT for 23/24. That would be down from 19.5m HA and 100.6 MMT this past season.Â
Dec 22 CBOT Wheat  closed at $8.49 1/4, up 8 cents,
Mar 23 CBOT Wheat  closed at $8.68, up 8 1/2 cents,
Cash SRW Wheat  was $7.83 1/2, up 7 5/8 cents,
Dec 22 KCBT Wheat  closed at $9.49 3/4, up 8 cents,
Cash HRW Wheat  was $9.07 1/4, up 8 1/8 cents,
Dec 22 MGEX Wheat  closed at $9.62 1/2, up 9 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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