Wheat Fading into Tuesday

Wheat is trading with fractional to 8 cent losses early on Tuesday. SRW futures closed with 1 to 4 3/4 cent gains on Monday, with a 24 cent range for Dec. KC HRW futures were a dime off their high at the bell, but still gained 7 1/4 to 12 3/4 cents on the day. Spring wheat futures went home 14 1/2 to 17 1/4 cents higher. 

USDA’s weekly Crop Progress data had 96% of the 23/24 winter wheat crop planted as of 11/13. That is up 4% points from last week and is 3% points ahead of average. Emergence reached 81%, matched with the average. Winter wheat conditions improved to 32% good/ex for a Brugler500 score of 291, from 286 last week and 326 last year. 

The Veteran’s Day delayed CoT report had CBT wheat spec traders extending their net short by 5.7k contracts to 42,902. That is the most net short the group has been in SRW wheat futures and options since June 2020. In KC wheat, managed money was closing more shorts than longs for a 1,025 contract stronger net long of 24,433 contracts as of 11/8. Spring wheat spec traders were 759 contracts less net long as of 11/8, to 3,055 contracts. 

USDA Weekly wheat export data showed 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. Saudi Arabia bought more than 1 MMT of optional origin wheat in +60k increments from $374 CIF to $392 CIF over the weekend, with delivery from April to June. 

Dec 22 CBOT Wheat  closed at $8.18 1/2, up 4 3/4 cents, currently down 8 1/4 cents

Mar 23 CBOT Wheat  closed at $8.38 1/4, up 3 cents, currently down 8 cents

Cash SRW Wheat  was $7.52 ¾ on Monday, up 5 1/4 cents,

Dec 22 KCBT Wheat  closed at $9.56 1/4, up 12 3/4 cents, currently down 1/4 cents

Cash HRW Wheat  was $9.15 5/8 on Monday, up 12 3/4 cents,

Dec 22 MGEX Wheat  closed at $9.63, up 17 1/4 cents, currently down 1 3/4 cents