Double Digit Gains in Midday Wheat

Into the midday portion of the Monday trade, CBT SRW futures are 4 to 8 cents in the black. At the overnight low, Dec got to within 5 cents of the $8 mark but is back to $8.22. KC Wheat futures are trading with gains of as much as 1.7% so far. Midday HRS futures are up 13 1/4 to 17 1/4 cents. 

Weekly wheat export data from the USDA had 76,408 MT of shipments for the week that ended 11/10. That was down 106k MT from last week, and was 323.8k MT lighter yr/yr. The data showed 57.7k MT of the export was HRS, with 17k MT of HRW. Philippines, Mexico, and Colombia were nearly the exclusive destinations. Weekly data had 9.905 MMT shipped for the season through 11/10 – compared to 10.32 MMT at the same time last year. 

South Korea’s MFG booked 55k MT of feed wheat via tender, believed to ave been filled by Australia. Japan booked 94.6k MT of wheat from U.S. and Canada via a regular tender. Japan is on the market for 70k MT of feed wheat and 40k MT of feed barley. Iraq is seeking 50k MT of milling wheat. The Philippines reportedly made no purchases for their 60k MT feed wheat tender. Saudi Arabia bought more than 1 MMT of optional origin wheat in +60k increments from $374 CIF to $392 CIF over the weekend, delivery from April to June. 

Dec 22 CBOT Wheat  is at $8.20 3/4, up 7 cents,

Mar 23 CBOT Wheat  is at $8.40, up 4 3/4 cents,

Cash SRW Wheat  is at $7.54 1/1, up 7 1/2 cents,

Dec 22 KCBT Wheat  is at $9.58 1/2, up 15 cents,

Cash HRW Wheat  is at $9.17 7/8, up 15 cents,

Dec 22 MGEX Wheat  is at $9.61 3/4, up 16 cents,