Wheat Turning Around into Tuesday

The wheat market is trading firmer this morning, following Monday’s collapse as the market put things on sale to trigger more export business. Chicago contracts were down 14 1/2 to 116 1/4 cents at midday. Kansas City futures were 10 to 15 1/4 cents in the red and exploring new lows. MPLS spring wheat showed losses of 7 ½ to 15 cents.

Crop Progress data from Monday afternoon showed 91% of the US winter wheat crop now emerged, with the 5-year average pace at 89%. Condition ratings improved 2% to 50% gd/ex, with the Brugler500 ratings up 5 to 338. This will be the last national report for the year, though some states will still publish weekly/monthly updates throughout the winter months. 

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 shipments, with both SRW and HRW combining for less than 18% of the total. 

Commitment of Traders data showed specs in KC wheat heading back to near a record net short, adding 10,064 contracts to 47,513 contracts as of 11/21. In Chicago futures and options, they increased their net short by 18,905 contracts to 108,176. 

Dec 23 CBOT Wheat  closed at $5.34 1/4, down 14 1/2 cents, currently up 3/4 cent 

Mar 24 CBOT Wheat  closed at $5.61, down 16 1/4 cents, currently up 2 1/4 cents

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

Dec 23 KCBT Wheat  closed at $5.90, down 12 cents, currently up 2 1/4 cents

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

Dec 23 MGEX Wheat  closed at $6.84 1/2, down 12 1/4 cents, currently up 3 3/4 cents