So far for the new week, front month wheat markets are up by as much as 10 cents. MGE HRS prices are leading the way with midday gains of 12 to 12 3/4 cents. CBT SRW is up by 4 1/4 to 5 1/2 cents on the board. Midday HRW futures are 9 1/2 to 10 3/4 cents stronger.Â
USDA reported the week’s wheat exports were 180,991 MT during the week that ended 11/3. That was up from 137k MT last week but under the 252k MT during the same week last year. Soft white was the overwhelming majority with 3/4 of the total. On that, wheat shipments from the PNW made up 73.5% of the total from all ports, mainly headed to Philippines, Japan, and Yemen. Colombia and Mexico were also the destination for +15k MT during the week. Accumulated wheat exports for the season reached 9.828 MMT, compared to 9.92 MMT at the same time last year.Â
Pre-report estimates show the trade expects USDA to lift U.S. wheat carryout by 500k bushels to 576.5 mbu. The full range of estimates is to see between a 35 mbu reduction to a 30 mbu increase. Global wheat stocks are only expected to tighten by 600k MT ahead of the report, with the full range expecting between 264 MMT and 270 MMT.Â
Dec 22 CBOT Wheat  is at $8.54 1/2, up 6 3/4 cents,
Mar 23 CBOT Wheat  is at $8.71 3/4, up 5 cents,
Cash SRW Wheat  is at $7.87 3/4, up 6 7/8 cents,
Dec 22 KCBT Wheat  is at $9.65 1/4, up 12 cents,
Cash HRW Wheat  is at $9.23 1/4, up 12 cents,
Dec 22 MGEX Wheat  is at $9.68, up 13 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.
