Wheat futures are weaker through midday with double digit losses in Chicago. The hard red futures are also down by 3 to 6 cents for midday.
Ukraine’s Economy Minister, Yulia Svyrydenko, announced via Facebook that the country is launching an insurance program for shipping vessels – reportedly $50m USD worth of coverage against military risks backed by a London firm. Ukraine had a similar insurance policy that was dropped after the grain corridor deal with Russia, Turkey, and UN was not renewed.
Ukraine’s Ag Ministry reported the winter grain planting reached 4.5m HA as of 11/14. That includes 3.97m for wheat – a 7.3% increase from last year. The European Commission reported wheat exports at 10.8 MMT for the season through 11/12. That trails last year’s pace by 21%.
Private analysts are looking for Kazakhstan wheat output to be from 12.4 to 13.7 MMT, a 5.6% drop from their private estimate. The Ministry of Ag in Kazakhstan reported that 11.4 MMT have been harvested so far, though rains continue to effect quality and delay the final stages of harvest. USDA’s WAOB has recently trimmed their estimate for Kazakstan by 1 MMT in the Nov WASDE to 12 MMT (from 16.4 MMT last year and from 15 MMT in Aug forecast).
Dec 23 CBOT Wheat is at $5.58 1/4, down 13 3/4 cents,
Mar 24 CBOT Wheat is at $5.87, down 10 3/4 cents,
Cash SRW Wheat is at $4.78 5/8, down 13 3/4 cents,
Dec 23 KCBT Wheat is at $6.35 1/4, down 4 1/2 cents,
Cash HRW Wheat is at $5.67 1/1, down 4 1/2 cents,
Dec 23 MGEX Wheat is at $7.32 1/4, down 2 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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