Chicago wheat futures are trading 2 ¾ to 4 ¼ cents in the black so far through midday. KC is up by as much as 6 ¼ cents through the front months. Midday spring wheat prices are up just 1 ½ to 1 ¾ cents, despite having the most sales in the weekly FAS data.
The Export Sales report showed 275,600 MT of wheat was sold during the week that ended 10/26. That was below pre-report estimates as a 5-wk low. Nearly half of the total was spring wheat. Thailand and Taiwan were the week’s top buyers, though with just over 50k MT each.
Data from the European Commission had the EU’s wheat export at 9.6 MMT for the season through 10/29. That trails last year’s pace by 24%.
The Russian Ag Ministry is in talks to ban durum wheat exports from Dec – May. The Ag Ministry has reduced the wheat export duty to 4,923 rubles/MT – from 5,298 previously. SovEcon lowered their estimate for 23/24 wheat exports by 400k MT to 48.8 MMT.
Japan purchased 113,506 MT from the U.S., Canada, and Australia via a regular tender. Wire sources show Bangladesh is tendering for 50k MT of milling wheat. Jordan issued a 120k MT wheat tender.
Dec 23 CBOT Wheat is at $5.67, up 5 1/4 cents,
Mar 24 CBOT Wheat is at $5.93 3/4, up 4 1/4 cents,
Cash SRW Wheat is at $4.83 1/1, up 5 1/4 cents,
Dec 23 KCBT Wheat is at $6.46 1/4, up 6 1/4 cents,
Cash HRW Wheat is at $5.76 1/2, up 9 1/8 cents,
Dec 23 MGEX Wheat is at $7.11, up 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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