Dec Wheats Firm to Red Traded Deferreds

Morning wheat quotes have Dec UNCH to double digits higher depending on the class, while the other nearby contracts are 4-8 cents in the red across the classes. 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. Preliminary OI showed net new buying, rising 2,224 contracts. March KC wheat is still down by 12 1/4 cents for the week thus far, but futures recovered 12 cents on the day. 

There were 969 contracts of deliveries against CBT Dec wheat overnight. Dreyfus and a Cunningham customer were the main stoppers. 

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. 

Trade ideas for StatsCan production have Canadian wheat up 100k MT from the previous figure, to 34.8 MMT. The full range of public estimates runs 33.8 MMT (-0.9 MMT) to 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, currently UNCH 

Mar 23 CBOT Wheat  closed at $7.95 1/2, up 14 cents, currently down 6 cents

Cash SRW Wheat  was $7.19 ¾ on Wednesday, up 22 1/4 cents,

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

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

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