
The KC HRW futures market pulled back on Thursday and closed with 5 1/2 to 8 3/4 cent losses despite improved export sales. CBT futures ended the day firmer with losses limited to 2 cents in the front months. Dec SRW has declined $1.11 1/4 per bushel from the month’s high. Spring wheat futures on the MGE went home with 1 1/4 to 5 1/2 cent losses.
Weekly Export Sales data showed 533k MT of wheat was booked during the week that ended 10/20. That was a MY high and was nearly double the same week last year. South Korea was the top buyer for the week with 109k MT, and unknown destinations also booking 91k MT. Accumulated wheat commitments reached 11.823 MMT – from 12.6 MMT last season.
USDA’s Ag Attaché lowered their Argentina wheat production estimate from 17.5 MMT to 15.5 – citing the drought. That also reduced their outlook for 22/23 exports to 10 MMT. The Rosario Grains Exchange figures output at 13.7 MMT, down from 15 MMT also citing the drought.
Dec 22 CBOT Wheat closed at $8.38 1/2, down 2 cents,
Mar 23 CBOT Wheat closed at $8.58, down 1 1/2 cents,
Cash SRW Wheat was $7.72 1/1, down 2 cents,
Dec 22 KCBT Wheat closed at $9.32 1/4, down 8 1/2 cents,
Cash HRW Wheat was $8.90 1/2, down 8 1/2 cents,
Dec 22 MGEX Wheat closed at $9.50 1/2, down 1 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.