
Front month wheat futures are red through midday with Dec CBT down by 2.45%. The other SRW prices are 12 3/4 to 16 cents weaker. KC prices are giving back 12 1/4 to 15 1/2 cents so far. Spring wheat futures are down 0.68% to 1.36% so far.
USDA reported 198,519 MT of wheat was inspected for export during the week that ended 11/24. That was 93k MT below last week and is down 192,252 MT from the same week last year. 57% of the week’s wheat export was HRW. Mexico and Ethiopia were the top destinations.
Pakistan is on the market for 500k MT of wheat, with the tender closing on 11/30. Turkey is seeking 455k MT of milling wheat via tender. China sold 39,995 MT of wheat from state reserves on 11/23 for an average price of 2,815 yuan/MT (~ $389.59/MT).
APK-Inform estimates Ukraine’s 22/23 wheat harvest will reach 19 MMT, with all grain exports ranging from 24.3 MMT to 40.3 MMT depending on the logistics situation. Ukraine’s wheat exports reached 6.6 MMT for the season that started 7/1 according to the Ag Ministry. That is down 54% yr/yr.
Dec 22 CBOT Wheat is at $7.58, down 17 1/2 cents,
Mar 23 CBOT Wheat is at $7.81, down 16 cents,
Cash SRW Wheat is at $6.92 3/8, down 16 5/8 cents,
Dec 22 KCBT Wheat is at $9.07 3/4, down 14 1/4 cents,
Cash HRW Wheat is at $8.70 5/8, down 14 1/4 cents,
Dec 22 MGEX Wheat is at $9.50 1/4, down 7 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.