Thursday Wheat Futures Revert to Red

After a bounce on Tuesday and Wednesday, the wheat futures market closed in the red again on Thursday. Chicago SRW futures stayed above their low on Monday, but gave back 6 3/4 to 12 3/4 cents by the close. KC wheat futures ended nearly a dime off their low, which was a new low for the week, but still down by 5 to 10 1/4 cents. Front month spring wheat prices were also off their lows at the close, but settled 2 1/4 to 5 cents weaker on the day. 

USDA’s Export Sales report showed 155,534 MT of wheat was sold during the week that ended 11/24. Estimates going in were at least 300k MT, and last week was over 500k MT. Algeria was the top buyer with 58.3k MT. The week’s exports were 271,230 MT for a season total of 9.495 MMT. That trails last year by 3.4%, and is broken out with 2.8 MMT of HRW, 2.77 MMT of HRS, 2.146 MMT of white, 1.68 MMT of SRW and 96.5k MT of durum. 

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

Dec 22 CBOT Wheat  closed at $7.58 3/4, down 12 3/4 cents,

Mar 23 CBOT Wheat  closed at $7.83, down 12 1/2 cents,

Cash SRW Wheat  was $7.12 5/8, down 7 1/4 cents,

Dec 22 KCBT Wheat  closed at $9.03, down 10 1/4 cents,

Cash HRW Wheat  was $8.56 5/8, down 15 3/4 cents,

Dec 22 MGEX Wheat  closed at $9.54 1/2, down 2 1/4 cents,