Front month futures are sitting 2 cents in the red. The Dec wheat futures expired officially at the Thursday close with SRW at $5.94/bu. That is $1.34 ¼ below the Dec ’22 expiration, a 32 ¾ cent discount to the Dec HRW contract, and will leave a 21 ¾ cent gap to March as the new lead month on the daily continuation charts. The other Chicago futures closed 7 ¾ to 10 cents higher for the day. KC HRW futures ended the day with 2 ¾ to 4 ½ cent gains. Minneapolis futures closed up by 3 ¾ to 4 cents.
The weekly Export Sales report had 1.49 MMT of wheat bookings for the week that ended 12/7. That included 1.12 MMT already announced, and ended up in the middle of the expected range. Commitments are now ahead of last year’s pace, from trailing by 4.4% last week to now exceeding by 3% as of 12/07 with 14.53 MMT on the books.
Japan is tendering for 102.5k MT of wheat from the U.S. and Canada.
Mar 24 CBOT Wheat closed at $6.15 3/4, up 10 1/2 cents, currently down 2 cents
May 24 CBOT Wheat closed at $6.25 3/4, up 9 1/4 cents, currently down 1 1/2 cents
Mar 24 KCBT Wheat closed at $6.36 1/2, up 4 1/2 cents, currently down 2 1/2 cents
Mar 24 MGEX Wheat closed at $7.17 1/4, up 3 3/4 cents, currently up 4 1/2 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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