Wheat backing off so far on Wednesday, led by a dime pullback in Dec SRW. Chicago futures ended the session with ¾ to 3 ¾ cent gains on Tuesday. KC HRW futures closed the day 5 to 6 ½ cent gains. MGE futures closed 2 ½ to 6 ¾ cents.
USDA reported a large private export sale of 220k MT of SRW to China yesterday morning, suggesting to some in the trade that it had finally become cheap enough.
Interfax reported Russian grain exports at 17.7 MMT for the MY through 9/21, which includes 13.5 MMT of wheat. Ukraine’s current wheat production estimate is 21.7 MMT, a bit below the 22.5 MMT USDA is using.
On Monday evening, NASS reported winter wheat was 40% planted as of 10/1. That was up 14% points for the week and trails the average pace by 3% points. NASS cited emergence at 15%, which was 1% point behind the average pace.
Dec 23 CBOT Wheat closed at $5.68 1/2, up 3 3/4 cents, currently down 10 cents
Mar 24 CBOT Wheat closed at $5.97 3/4, up 1 3/4 cents, currently down 10 cents
Cash SRW Wheat was $4.85 1/2, up 2 7/8 cents,
Dec 23 KCBT Wheat closed at $6.83 1/4, up 6 1/2 cents, currently down 8 cents
Cash HRW Wheat was $6.20 3/8, up 7 1/8 cents,
Dec 23 MGEX Wheat closed at $7.25 1/2, up 6 3/4 cents, currently down 7 1/2 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. For more information please view the Barchart Disclosure Policy here.
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