Wheat Closes Higher Despite Lackluster Export Sales

Front month wheat futures ended the Thursday session off their highs, but still in the black. CBT SRW settled 1 ¾ to 3 ¾ cents higher. Front month KC futures were 1 ½ to 2 ½ cents in the black on the day, though Dec was up by a dime at the session high. MGE futures were fractionally to 1 ¾ cents stronger at the close. Front month Oats Futures Prices closed down by 3 cents on Thursday.

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  closed at $5.65 1/2, up 3 3/4 cents,

Mar 24 CBOT Wheat  closed at $5.92 3/4, up 3 1/4 cents,

Cash SRW Wheat  was $4.84 5/8, up 5 7/8 cents,

Dec 23 KCBT Wheat  closed at $6.41 1/2, up 1 1/2 cents,

Cash HRW Wheat  was $5.72 1/8, up 4 7/8 cents,

Dec 23 MGEX Wheat  closed at $7.10 3/4, up 1 3/4 cents,