Mostly Red Midday in Wheat Market

Wheat futures are showing midday losses across the winter wheat contracts. SRW is down by 2 to 4 1/2 cents. KC wheat is trading 3 1/4 to 6 cents lower. Spring wheat prices are mixed with a 2 1/2 cent gain in Dec to a 1 1/4 cent dip in the July contract. 

USDA’s weekly Crop Progress report showed emergence reached 87% as of 11/20. That is 1% point ahead of the 5-yr average. Winter wheat conditions were UNCH last week at 32% good/ex, but 2 points lower on the Brugler500 index to 289. In KS, winter wheat conditions were 266 on the Brugler500 index. 

Weekly wheat exports were 279,904 MT from the Inspections report. That was a 109k MT increase wk/wk and was up 87k MT from the same week last year. White wheat made up 43% of the total, with HRW for 34%. 

Rosario Grains Exchange lowered their Argentinian wheat export estimate to 6.5 MMT, from 7, citing lower wheat production. 

Dec 22 CBOT Wheat  is at $7.94 1/2, down 4 3/4 cents,

Mar 23 CBOT Wheat  is at $8.13 1/2, down 4 3/4 cents,

Cash SRW Wheat  is at $7.28 3/4, down 5 3/4 cents,

Dec 22 KCBT Wheat  is at $9.29 1/4, down 5 cents,

Cash HRW Wheat  is at $8.91, down 5 cents,

Dec 22 MGEX Wheat  is at $9.49 1/4, up 1 1/4 cents,