Wheats Higher so far for Friday

Midday wheat prices are trading in the black into the last trade day of the week. CBT SRW 4 1/4 cents to 5 3/4 cents in the black. Front month KC HRW prices are double digits higher with gains of as much as 13 1/4 cents. MGE prices are trading 7 1/2 to 11 1/4 cents in the black. 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. 

Ukraine’s Ag Ministry reported 5.6 MMT of wheat was exported through 11/9. That is 57% behind last year’s pace. The Rosario Grains Exchange forecasted the Argentine wheat crop at 11.8 MMT – a drop from their prior 13.7 MMT forecast citing the drought. 

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. 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. 

Dec 22 CBOT Wheat  is at $8.07 1/4, up 3 3/4 cents,

Mar 23 CBOT Wheat  is at $8.28 1/2, up 2 3/4 cents,

Cash SRW Wheat  is at $7.40 1/1, up 3 3/4 cents,

Dec 22 KCBT Wheat  is at $9.35, up 9 3/4 cents,

Cash HRW Wheat  is at $8.93 1/4, up 9 3/4 cents,

Dec 22 MGEX Wheat  is at $9.40, up 8 1/2 cents,