Current wheat prices are trading lower, led by the HRW market. KC wheat futures are trading 1.2% to 2.1% in the red with double digit losses of as much as 13 ¾ cents. Chicago futures are trading 5 ¾ to 7 cents in the red, leaving Dec at a net 14c loss for the week. The Minneapolis wheat market is 3 ¾ to 6 ¼ cents in the red.
The European Commission estimates the wheat harvest 200k MT larger than their prior estimate at 125.5 MMT. The Commission also lowered the wheat export forecast by 1 MMT to 31. The adjustments left ending stocks forecasted at 19.1 MMT, from 17.8 MMT in the prior forecast.
The FranceAgriMer reported winter wheat planting reached 54% as of 10/23.
Turkey estimates their 23/24 wheat output at 21.8 MMT, a 10.4% increase yr/yr.
The weekly Export Sales report showed 364k MT of wheat was sold during the week that ended 10/19, 44% of which was HRW and 36% was HRS. The season’s total commitment reached 11.09 MMT (407.37 mbu) as of 10/19. That is 6% behind last year's pace.
Dec 23 CBOT Wheat closed at $5.72 1/4, down 7 1/4 cents,
Mar 24 CBOT Wheat closed at $5.99 1/4, down 6 3/4 cents,
Cash SRW Wheat was $4.91 1/4, down 6 3/4 cents,
Dec 23 KCBT Wheat closed at $6.41 1/4, down 13 1/2 cents,
Cash HRW Wheat was $5.79 1/2, down 14 cents,
Dec 23 MGEX Wheat closed at $7.18, down 6 1/4 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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