Wheat Futures Fall on Wednesday

Front month wheat futures dropped on the midweek session, taking back the premium built in yesterday regarding the uncertainty of the Poland missile. At the close, SRW futures were 10 3/4 to 11 1/2 cents lower. KC futures gave back 7 1/2 to 9 1/2 cents on the day. Spring wheat futures closed with 7 1/2 to 9 1/2 cent losses. 

USDA reported a large private wheat sale this morning as Iraq booked 150k MT of HRS wheat for 22/23 delivery. Analyst estimates show wheat export sales would be between 250k MT and 500k MT for the week that ended 11/10. 

Social media indicates Egypt booked 300k MT of wheat from Russia without issuing a tender. 

UK’s Agriculture and Horticulture Development Board foresees 1.803m HA of 23/24 wheat area. That would be down 0.1% from this season as they foresee fertilizer price pressure. 

The European Commission reported MYTD wheat exports lead last season by 9.5% through 11/13 with 13.35 MMT shipped. Algeria, Morocco, and Egypt remain the top buyers. 

Dec 22 CBOT Wheat  closed at $8.17 1/2, down 10 3/4 cents,

Mar 23 CBOT Wheat  closed at $8.37 1/4, down 10 3/4 cents,

Cash SRW Wheat  was $7.52 7/8, down 10 5/8 cents,

Dec 22 KCBT Wheat  closed at $9.55 1/2, down 7 1/2 cents,

Cash HRW Wheat  was $9.14 7/8, down 7 1/2 cents,

Dec 22 MGEX Wheat  closed at $9.65 1/2, down 8 1/2 cents,