Following 5 consecutive red weeks in March SRW, the Monday session has the board back up by 20 1/2 to 22 cents through midday. KC wheat futures are trading 22 1/2 to 27 cents higher so far. MPLS spring wheat futures are up by 10 1/2 to 14 cents through midday.
The weekly Export Inspections report showed 218,460 MT of wheat was shipped during the week that ended 12/8. That was down 123k MT wk/wk and 50.5k MT from the same week last year. Japan and Mexico were the week’s top destinations. Accumulated wheat exports remain 286k MT behind last year's pace with 11.135 MMT shipped through 12/8.
Importers from the Philippines are tendering for 110k MT of feed wheat. Belarus told the UN that they will allow Ukrainian grain export transit through their territory without preconditions. Ukraine’s Infrastructure Ministry reported that the Black Sea port of Odesa is resuming operations.
NOAA’s 7-day QPF shows precip for most of the CONUS this coming week. Eastern KS and OK are expected to get 0.1 to 1” of rainfall equivalent. In North Dakota, NOAA has as much as 2” of rainfall equivalent moisture through the week. Notably, North and Western TX will miss out.
The weekly CFTC Commitment of Traders report had CBT wheat specs at 63,382 contracts net short as of 12/6. That was a 9.3k contract stronger net short driven by 12.5k new shorts through the week. In KC wheat, the CFTC had managed money funds 7,400 contracts less net long to just 9,724 contracts – a 15-wk low. Managed money firms were selling spring wheat through the week, and expanded their net short by 1,619 contracts to 3,048 as of 12/6.
Dec 22 CBOT Wheat is at $7.12 3/4, down 11 1/2 cents,
Mar 23 CBOT Wheat is at $7.58 1/4, up 24 cents,
Cash SRW Wheat is at $6.92, up 24 1/2 cents,
Dec 22 KCBT Wheat is at $8.50 3/4, down 9 3/4 cents,
Cash HRW Wheat is at $8.26 1/2, up 29 3/8 cents,
Dec 22 MGEX Wheat is at $9.27 1/2, down 1/4 cent,
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.
