Midday wheat prices are trading with double digit losses following the report. CBT SRW futures are down by 12 3/4 to 14 cents so far. KC HRW futures are giving back 8 to 10 cents at midday. HRS futures in MPLS are down 6 to 9 cents for midday. USDA left the cash average price for wheat at $9.20.
USDA made minimal revisions to the October balance sheet in their monthly WASDE report. The only domestic changes were for a 7 mbu higher food use and a 2 mbu seed use trim. On net carryout dropped by 5 mbu to 0571 – the trade was looking for no change on average.
The U.S. market share for exports was steady at 10.1% with little change to the global total and no change to the US total. Australia got an export boost of 1 MMT to 26, for a 12.5% share of the global total. That came mostly via a cut to Argentina. Global wheat carryout was lifted by 280k MT to 267.8 MMT, the trade expected a 600k MT cut on average.
Japan is on the market for 95k MT of wheat via a regular tender – including 63k MT of U.S. Algeria’s 400k MT tender is thought to have been filled by $367/MT C&F from Russia.
Dec 22 CBOT Wheat is at $8.14 1/4, down 13 1/2 cents,
Mar 23 CBOT Wheat is at $8.33 3/4, down 13 3/4 cents,
Cash SRW Wheat is at $7.47 5/8, down 13 1/2 cents,
Dec 22 KCBT Wheat is at $9.37 3/4, down 8 cents,
Cash HRW Wheat is at $8.96 7/8, down 8 cents,
Dec 22 MGEX Wheat is at $9.44, down 6 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.
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