Midday wheat futures are down another 3 to 11 cents across the complex. SRW futures in Chicago are giving back 0.4% to 0.7% so far. KC HRW futures are down by 0.7% to 0.8% at midday. Spring wheat futures have 1% losses in most delivery months so far.
USDA’s weekly Export Sales report had 322,501 MT of wheat sold during the week that ended 11/3. That was within the range of estimates, but down slightly from last week. Shipments were reported at 151k MT, for a MYTD total of 8.967 MMT. Total wheat commitments sit at 12.5 MMT (459 mbu) as of 11/3 – a historically slow pace, but on track for 59.2% of the USDA forecast. Export shipments specifically are at 42.5% of the forecast (UNCH yesterday and the lowest since 71/72) through the first 23 weeks.
USDA made minimal revisions to the October balance sheet in their monthly WASDE report. The U.S. market share for exports was steady at 10.1% (a record low since data began in 1960). Australia got an export boost of 1 MMT to 26, for a 12.5% share of the global total. Global wheat carryout was lifted by 280k MT to 267.8 MMT, the trade expected a 600k MT cut on average.
Dec 22 CBOT Wheat is at $8.03, down 3 1/2 cents,
Mar 23 CBOT Wheat is at $8.24 1/2, down 3 1/4 cents,
Cash SRW Wheat is at $7.36 5/8, down 3 1/2 cents,
Dec 22 KCBT Wheat is at $9.26, down 4 cents,
Cash HRW Wheat is at $8.84 1/4, down 3 3/4 cents,
Dec 22 MGEX Wheat is at $9.31, down 7 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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