Wheat prices are working with morning weakness of as much as 17 cents into the Thursday session. Front month wheat futures dropped on the midweek session. At the close, SRW futures were 10 3/4 to 11 1/2 cents lower, with preliminary open interest dropping more than eight thousand contracts in nearby December. December options expire a week from Friday. 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.
Traders are looking for USDA to show weekly wheat export sales between 250k MT and 500k MT for the week that ended 11/10.
Social media indicates Egypt booked 300k MT of wheat from Russia yesterday without issuing a tender. All offers at the last public tender were rejected due to high prices.
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, currently down 18 cents
Mar 23 CBOT Wheat closed at $8.37 ¼, down 10 3/4 cents, currently down 17 cents
Cash SRW Wheat was $7.52 7/8 on Wednesday, down 10 5/8 cents,
Dec 22 KCBT Wheat closed at $9.55 1/2, down 7 1/2 cents, currently down 11 1/2 cents
Cash HRW Wheat was $9.14 7/8 on Wednesday, down 7 1/2 cents,
Dec 22 MGEX Wheat closed at $9.65 1/2, down 8 1/2 cents, currently down 4 1/4 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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