Domestic wheat prices ended the day with 10 3/4 to 12 cent pullbacks in the SRW market. KC futures faded by 11 1/4 to 17 1/2 cents in the front months. Spring wheat futures were down 11 3/4 to 13 1/2 cents on the day.Â
The International Grains Council reduced their world wheat output from 792 MMT to 791 MMT. The main difference was via a 4.5 MMT reduction in Argentina (13 MMT), partially offset by an increase in Australia (to 34.7 MMT). Trade was maintained UNCH but stocks fell by 4 MMT, as carry-in from 21/22 was reduced.Â
The weekly Export Sales report showed 290,299 MT of US wheat was sold for export during the week that ended 11/10. That was a 4-wk low and was at the bottom end of estimates. Mexico was the top buyer of the week with 68k MT.Â
Ukraine’s Infrastructure Minister announced from the Istanbul export inspections facilities that the grain export corridor deal will be renewed for 120 days. The UN also indicated the deal was extended. Russia has not made an official announcement one way or the other.Â
Dec 22 CBOT Wheat  closed at $8.06 3/4, down 10 3/4 cents,
Mar 23 CBOT Wheat  closed at $8.25, down 12 1/4 cents,
Cash SRW Wheat  was $7.41, down 10 3/4 cents,
Dec 22 KCBT Wheat  closed at $9.38, down 17 1/2 cents,
Cash HRW Wheat  was $8.96 3/8, down 17 1/2 cents,
Dec 22 MGEX Wheat  closed at $9.53 3/4, down 11 3/4 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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