The domestic wheat rally set new highs rallying double digits to start the week. CBT SRW futures gained 19 to 24 1/2 cents on the first trade day of November. HRW futures were also stronger on the day, gaining 19 1/2 to 21 1/4 cents. MPLS wheat futures rallied 17 3/4 to 23 1/4 cents.
USDA’s weekly Export Inspections report showed 115,341 MT of wheat was shipped during the week that ended 10/28. That was down from 197k MT last week and from 313k MT the same week last year. Accumulated exports were up to 9.651 MMT as of 10/28, which compares to 11.4 MMT at the same point last season. Saudi Arabia purchased 1.268 MMT of wheat in an international tender. Egypt’s GASC purchased 180,000 MT of Russian wheat.
Winter wheat planting reached 87% as of 10/31 according to NASS. That was up 7% points from last week, and is now just 1% point ahead of average. Planting in IL only advanced 3% points on the week and OH was only 5% more planted at 70% and 80% respectively. Emergence was up 12% points to 67% - 68% is the average. Winter wheat conditions scored a 322 on the Brugler500 Index. That was down 3 points from last week, as the Good/Ex dropped 1 to 45%.
The Buenos Aires Grains Exchange estimated the 2022 Argentina wheat crop at 19.8 MMT. That was up 600k MT from their prior figure, but remains 200k MT below the USDA estimate.
The European Commission reported 2021 wheat harvest at 130.3 MMT, which was down from their 131 MMT September forecast. The EU Commission reduced output mainly in France, Romania, and Hungary.
Dec 21 CBOT Wheat closed at $7.97 1/4, up 24 1/2 cents,
Cash SRW Wheat was $7.45 1/1, up 21 7/8 cents,
Dec 21 KCBT Wheat closed at $8.06 1/2, up 20 3/4 cents,
Cash HRW Wheat was $7.84 1/2, up 13 1/8 cents,
Dec 21 MGEX Wheat closed at $10.75 1/2, up 23 1/4 cents,
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