The wheat market is collapsing on Monday, as the market puts things on sale to trigger more export business. Chicago contracts are down 14 to 17 ¼ cents at midday. Kansas City futures are 10 to 12 cents in the red and exploring new lows. MPLS spring wheat is showing losses of 8 to 12 cents.
Portions of HRW and SRW countries received some snow cover over the weekend. Measurable totals ranged across much of KS (exception to the NW corner), western OK, and moving east to northern MO, IL and IN. That may not matter much, with the 6-10 day outlook calling for above normal temps for those same areas.
Inspections of all wheat exports during the week that ended on November 23 totaled 276,585 MT, which was a drop of 24.53% from last week and just 2.78% below the same week last year. Year to date shipments are now at 8.124 MMT, which lags the same time period last year by 23.18%. Soft wheat led the classes, with 48.5% of the total. HRS totaled 30.5% of the total shipments, with both SRW and HRW combining for less than 18% of the total.
Dec 23 CBOT Wheat is at $5.31 1/2, down 17 1/4 cents,
Mar 24 CBOT Wheat is at $5.60 1/2, down 16 3/4 cents,
Cash SRW Wheat is at $4.75 5/8, up 11 5/8 cents,
Dec 23 KCBT Wheat is at $5.91 1/2, down 10 1/2 cents,
Cash HRW Wheat is at $5.47 3/8, up 5 1/4 cents,
Dec 23 MGEX Wheat is at $6.87 3/4, down 9 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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