Midday Gains for Friday Wheat

The wheat markets are clawing back some more of the earlier week weakness with modest gains across all three classes through midday. CBT futures are up 6 3/4 to 10 cents so far. For December the board is a net 1 3/4 cents below last Friday. KC wheat futures are 5 1/4 to 7 cents higher so far. MPLS spring wheat futures are trading 7 1/2 to 9 1/4 cents higher through the front months. 

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. 

French wheat planting reached 46% complete as of 10/17, compared to 21% last week and to 36% during the same week last year. 

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. 

Dec 22 CBOT Wheat  is at $8.58, up 8 3/4 cents,

Mar 23 CBOT Wheat  is at $8.76 1/2, up 8 1/2 cents,

Cash SRW Wheat  is at $7.92 3/8, up 8 7/8 cents,

Dec 22 KCBT Wheat  is at $9.55, up 5 1/4 cents,

Cash HRW Wheat  is at $9.13 1/2, up 5 1/4 cents,

Dec 22 MGEX Wheat  is at $9.69, up 6 1/2 cents,