Front month wheat futures were down 1.1% to 3.3% across the 3 classes. CBT SRW ended the day with 21 3/4 to 22 1/2 cent losses. HRW futures in KC dropped 24 3/4 to 29 cents on the day. Spring wheats ended firmer with 10 1/4 to 19 1/4 cent losses across the front months, though Dec was 27 cents lower.
USDA’s Export Inspections report showed 334,653 MT of wheat was exported during the week that ended 12/1. That was up from 284k MT last week and was above the 248k MT from the same week last year. Soft white shipments made up the majority of the total with 140k MT, followed by ~80k MT each for HRS and HRW; there were also 32k MT of durum exports. Philippines and Mexico were the top destinations. USDA had the season’s total shipment at 10.9 MMT as of 12/1 – down 243k MT from last year’s pace.
Analysts surveyed ahead of the monthly WASDE report show an average trade estimate of 581.3 mbu wheat carryout. That would be a 10.3 mbu increase from November if realized. The full range is to see between 551 and 602 mbu.
China sold 39,709 MT of wheat from state reserves on 11/30. That was the entirety of the offer, on an average price of 2,797 yuan ($401.35) per MT.
Dec 22 CBOT Wheat closed at $7.15 1/2, down 21 3/4 cents,
Mar 23 CBOT Wheat closed at $7.39, down 22 cents,
Cash SRW Wheat was $6.67 3/8, down 22 cents,
Dec 22 KCBT Wheat closed at $8.54 3/4, down 27 1/4 cents,
Cash HRW Wheat was $8.07, down 29 cents,
Dec 22 MGEX Wheat closed at $9.12 3/4, down 27 cents,
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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