Wheat Falls to New Lows on Friday

The wheat market closed out the short week with all three exchanges heading lower and the hard red contracts printing new lows going back to 2021. Chicago contracts were down 6 ¼ to 8 ¾ cents on the day. Kansas City contracts fell 7 ¾ to 13 cents on the day. MPLS spring wheat settled with 10 ¾ to 14 cent losses.

The delayed Export Sales report from this morning indicated 171,753 MT of all wheat bookings during the week of November 16. That was on the low end of the 125,000 and 450,000 MT trade estimates. It was also below last week and the lowest total since mid-July.  A light new crop sales total of 25,450 MT was also reported. The total old crop export sale commitments are now 12.113 MMT, which is 64% of USDA’s projected US export total, with exporters normally selling 69% of the forecast by now. 

Russia is trimming their export tax on wheat from 4,395.4 ruble/MT ($49.26/MT) to 3,820.2 rubles/MT ($42.82/MT) for the week that ends on December 5

Dec 23 CBOT Wheat  closed at $5.48 3/4, down 7 cents,

Mar 24 CBOT Wheat  closed at $5.77 1/4, down 7 1/4 cents,

Cash SRW Wheat  was $4.75 5/8, up 11 5/8 cents,

Dec 23 KCBT Wheat  closed at $6.02, down 12 1/2 cents,

Cash HRW Wheat  was $5.47 3/8, up 5 1/4 cents,

Dec 23 MGEX Wheat  closed at $6.96 3/4, down 14 cents,