Wednesday Wheats Gain Back Double Digits

Month end position squaring allowed wheat prices to rebound on Wednesday with double digit gains in the winter wheat contracts. December spring wheat was up 16 1/2 cents, but the other nearbys recovered just 4 1/2 to 8 1/2 cents on the day. SRW futures closed up by 10 1/2 to 14 cents, leaving March at a WTD loss of just 1 1/2 cents. March KC wheat is still down by 12 1/4 cents for the week thus far, but futures recovered 12 cents on the day. 

Going into the weekly Export Sales report, traders expect between 300,00 and 625,000 MT of wheat was sold during the week of 11/24. New crop wheat bookings are estimated below 100k MT. 

EU wheat exports reached 13.89 MMT as of 11/27. That was 3% above last season’s pace. 

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 $7.71 1/2, up 13 3/4 cents,

Mar 23 CBOT Wheat  closed at $7.95 1/2, up 14 cents,

Cash SRW Wheat  was $7.19 3/4, up 22 1/4 cents,

Dec 22 KCBT Wheat  closed at $9.13 1/4, up 12 1/4 cents,

Cash HRW Wheat  was $8.71 7/8, up 13 1/8 cents,

Dec 22 MGEX Wheat  closed at $9.56 3/4, up 16 1/2 cents,