Thursday wheat futures are working with a mixed so far. SRW is down 2 1/4 to 3 cents at midday. KC wheat futures are up by as much as 4 ¾ cents so far. MPLS wheat futures are mixed within 3 1/4 cents of UNCH.
Weekly USDA Export Sales data had 348k MT sold during the week of 10/27. That was down by 45% through the week and was 13% below the same week last year – but inline with estimates. South Korea was the week’s top buyer – though Mexico was the top destination with 60k MT of the 118k MT total. Accumulated commitments reached 12.17 MMT through 10/27 according to the weekly release. That compares to 13 MMT flat last year.
Australia set to downgrade East Coast wheat – as ~8 MMT faced excessive rainfall.
Ukraine’s Ag Ministry reported that 13.4 MMT of grain shipments for the season through 11/2. That was down 32% from last year, and included 5.1 MMT of wheat which was down 60% from last year. IKAR estimated the Russian 22/23 wheat crop at 101 MMT with 50 MMT of exportable supply.
Dec 22 CBOT Wheat is at $8.44 1/4, down 1 3/4 cents,
Mar 23 CBOT Wheat is at $8.63, down 2 cents,
Cash SRW Wheat is at $7.76 1/1, down 1 3/4 cents,
Dec 22 KCBT Wheat is at $9.46, up 5 3/4 cents,
Cash HRW Wheat is at $9.04 3/4, up 5 3/4 cents,
Dec 22 MGEX Wheat is at $9.48 1/4, down 1 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.
