CBT SRW futures bounced over a dime off their lows to close 0.2% to 0.4% higher on Wednesday. Dec SRW held under the $8 mark at the day’s high, while the 2023 delivery contracts all remained above the $8 mark at their daily low. KC wheat prices closed with 4 1/2 to 7 3/4 cent gains across the front months. Spring wheat futures were mixed on Wednesday, with fractional losses past May contracts, but 2 and 11 cent gains nearby. The market re-opens at 8:30 AM CST for an abbreviated session, following the Thanksgiving break.
Reports from the Black Sea show over 100 vessels remain in Istanbul Turkey awaiting inspection with an average 2 1/2 ships cleared/day. That is down from 4.9 ships/day during October. Just because shipments are leaving Ukraine doesn’t mean they are getting to their destination in a timely fashion!
Trade ideas for this morning’s weekly wheat Export Sales report are running 250,000-600,000 MT for the week ending November 17, with up to 50,000 MT for 2023/24.
China will auction another 40k MT of wheat from state reserves on 11/30.
Rosario Grains Exchange lowered their Argentinian wheat export estimate to 6.5 MMT, from 7, citing lower wheat production.
Dec 22 CBOT Wheat closed at $7.93 1/2, up 2 cents,
Mar 23 CBOT Wheat closed at $8.13 1/2, up 3 cents,
Cash SRW Wheat was $7.27 7/8 on Wednesday, up 2 cents,
Dec 22 KCBT Wheat closed at $9.30 1/4, up 4 3/4 cents,
Cash HRW Wheat was $8.92 1/8 on Wednesday, up 4 3/4 cents,
Dec 22 MGEX Wheat closed at $9.57 3/4, up 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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