Wheat futures ended the session with some double digit losses. Notably, Dec SRW was down 2.5% to the lowest print since Sep 6th, the $8 mark did hold at the low. KC HRW futures traded 1.3% to 1.7% lower on the day, taking Dec KC wheat to $9.30 flat. MPLS spring wheat prices faded 12 1/4 to 12 3/4 cents on the day.
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.
Weekly wheat export sales are estimated to be between 250k MT and 600k MT for the week that ended 11/3.
Dec 22 CBOT Wheat closed at $8.06 1/2, down 21 1/4 cents,
Mar 23 CBOT Wheat closed at $8.27 3/4, down 19 3/4 cents,
Cash SRW Wheat was $7.39 1/4, down 21 cents,
Dec 22 KCBT Wheat closed at $9.30, down 15 3/4 cents,
Cash HRW Wheat was $8.88, down 15 3/4 cents,
Dec 22 MGEX Wheat closed at $9.38 1/4, down 12 1/4 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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