Wheat futures are most wheat contracts are down another double digits thus far into Friday’s day session. 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.
There were 500 contracts delivered against KC December wheat overnight, with the CHS Hedging house account stopping 247 of them. Deliveries against Chicago Dec have been slowing dow, with 615 overnight. A Cunningham customer and the Term house account stopped the majority of them.
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. The season to date total of 9.495 MMT trails last year by 3.4%. The breakout shows 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. Russian and Ukrainian offers continue to be the cheapest. HRW is expensive, but not deterring quality buyers.
Dec 22 CBOT Wheat closed at $7.58 3/4, down 12 3/4 cents, currently down 8 3/4 cents
Mar 23 CBOT Wheat closed at $7.83, down 12 1/2 cents, currently down 14 cents
Cash SRW Wheat was $7.12 5/8 on Thursday, down 7 1/4 cents,
Dec 22 KCBT Wheat closed at $9.03, down 10 1/4 cents, currently down 28 1/2 cents
Cash HRW Wheat was $8.56 5/8 on Thursday, down 15 3/4 cents,
Dec 22 MGEX Wheat closed at $9.54 1/2, down 2 1/4 cents, currently
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.
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