Wheat Holds Relatively Firm

As corn and soybean futures fell 1-2% on Thursday, wheat markets were relatively firm on 1 1/2 to 8 cent losses across the complex. MGE wheat faired the worse of the domestic classes, and went home 6 3/4 to 8 1/4 cents in the red. KC HRW prices faded 4 3/4 to 5 3/4 cents. Chicago wheat ended the day nearly a dime off their lows with 1 1/2 to 3 cent losses. 

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  closed at $8.03 1/2, down 3 cents,

Mar 23 CBOT Wheat  closed at $8.25 3/4, down 2 cents,

Cash SRW Wheat  was $7.36 1/4, down 3 cents,

Dec 22 KCBT Wheat  closed at $9.25 1/4, down 4 3/4 cents,

Cash HRW Wheat  was $8.84 1/2, down 4 1/2 cents,

Dec 22 MGEX Wheat  closed at $9.31 1/2, down 6 3/4 cents,