Wheats Close in Black on Friday

Wheat futures ended with +1% gains on Friday. KC HRW closed the strongest on Friday with 1.8% to 2% gains, leaving the Dec contract 10 1/4 cents in the red. CBT SRW closed between 1% and 1.3% higher across the front months. December was 34 cents weaker from Friday to Friday. Minneapolis wheat prices closed with 1.3% to 1.5% gains for the day, but December HRS was down 8 3/4 cents for the week. 

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  closed at $8.13 3/4, up 10 1/4 cents,

Mar 23 CBOT Wheat  closed at $8.35 1/4, up 9 1/2 cents,

Cash SRW Wheat  was $7.46 1/2, up 10 1/4 cents,

Dec 22 KCBT Wheat  closed at $9.43 1/2, up 18 1/4 cents,

Cash HRW Wheat  was $9.02 7/8, up 18 1/4 cents,

Dec 22 MGEX Wheat  closed at $9.45 3/4, up 14 1/4 cents,