
Overnight wheat trading has all three markets lower, by 3 to 7 cents per bushel. Winter wheat futures stayed red in the afternoon, while the spring wheat market rallied back. Tuesday trading in SRW saw gains to new contract highs initially before fading into midday and ending the day 2 1/4 to 5 3/4 cents weaker on long liquidation. KC traded similarly, with the new Dec high at $8.14 1/2, but futures’ 4 to 8 1/2 cent losses left December below $8/bu for the close. Minneapolis prices posted a 26 cent ranged day, but ultimately closed Tuesday within 1 1/2 cents of the start.
Barchart released their Canadian spring wheat production estimates, calling for 746.4 mbu on 46.3 bpa. Agriculture and Agri-Food Canada figured the output at 668 mbu off a 38.7 bpa yield, while USDA was at 21 MMT (771.6 mbu) for all wheat in their October WASDE.
Japan’s MOA opened their regular weekly tender, seeking 143,396 MT of wheat with 56,508 MT from the U.S. specifically. French Milling Wheat Futures hit a new record high on Tuesday, at $9.36 per bushel.
Dec 21 CBOT Wheat closed at $7.91 1/2, down 5 3/4 cents, down 3 this morning
Cash SRW Wheat was $7.41 1/3 on Tuesday, down 4 5/8 cents,
Dec 21 KCBT Wheat closed at $7.98 1/4, down 8 1/4 cents, down 5 this morning
Cash HRW Wheat was $7.77 2/3 on Tuesday, down 6 7/8 cents,
Dec 21 MGEX Wheat closed at $10.75 1/2, unch, down 7 this morning