Morning wheat quotes show the board is 4 to 9 cents higher across the classes as the market squares up for the last trade day of the week. As corn and soybean futures fell 1-2% on Thursday, wheat markets were relatively firm, showing 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 151k MT, for a MYTD total of 8.967 MMT. Total wheat commitments sit at 12.5 MMT (459 million bu) as of 11/3 – a historically slow pace, but 59.2% of the full year USDA forecast. Export shipments specifically are at 42.5% of the forecast (the lowest since 71/72 through the first 23 weeks).
Dec 22 CBOT Wheat closed at $8.03 1/2, down 3 cents, currently up 4 1/4 cents
Mar 23 CBOT Wheat closed at $8.25 3/4, down 2 cents, currently up 4 cents
Cash SRW Wheat was $7.36 ¼ on Thursday, down 3 cents,
Dec 22 KCBT Wheat closed at $9.25 1/4, down 4 3/4 cents, currently up 7 cents
Cash HRW Wheat was $8.84 ½ on Thursday, down 4 1/2 cents,
Dec 22 MGEX Wheat closed at $9.31 1/2, down 6 3/4 cents, currently up 5 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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