Wheats Up Into Wednesday

Overnight wheat pricing has the board fractionally to 3 3/6 cents higher into the Wednesday day session. Chicago wheat futures firmed up after Monday’s drop for a light turnaround Tuesday. At the close, they had given most of the double digit gains back and settled mostly higher within a penny of UNCH. KC wheat continued lower, dropping another 3 to 8 3/4 cents across the front months. Spring wheat prices from Minneapolis closed 11 cents in the red in Dec, now at just a 5 3/4 cent premium to March. The other nearby HRS prices faded 2 1/2 to 5 1/4 cents. 

With more than 3K receipts registered, heavy deliveries against December CBT wheat were expected. There were 1,236 contracts put out on FND, with most from Dreyfus. Delivery was to “the street”, with 18 different houses on the receiving end.  There were zero deliveries against KC HRW. 

StatsCan production estimates show traders expect Canadian wheat to increase 100k MT to 34.8 MMT from the prior estimate. The full range is to see between 33.8 MMT (-0.9 MMT) and 35.5 MMT (+0.8 MMT) ahead of the data. Spring wheat specifically is expected to be revised down by 200k MT to 25.9 MMT, with durum expected to drop 200k MT to 5.9 MMT. 

Dec 22 CBOT Wheat  closed at $7.57 3/4, up 1 cent, currently up 3/4 cent

Mar 23 CBOT Wheat  closed at $7.81 1/2, up 3/4 cent, currently up 3 1/2 cents

Cash SRW Wheat  was $6.98 5/8 on Tuesday, up 7 cents,

Dec 22 KCBT Wheat  closed at $9.01, down 3 3/4 cents, currently up 5 cents

Cash HRW Wheat  was $8.58 ¾ on Tuesday, down 4 cents,

Dec 22 MGEX Wheat  closed at $9.40 1/4, down 11 cents, currently down 1/2 cent