Wheat Posting Slight Thursday Morning Gains

The wheat complex is showing stronger trade on Thursday morning. Wheat posted Wednesday weakness, as futures saw a delayed response to USDA’s added world production from Tuesday. Chicago SRW futures posted losses of a nickel in the front months on the midweek session. Open interest suggested new selling, down 6,592 contracts. KC HRW futures saw losses of 3 to 4 cents on Wednesday. There were 5 deliveries issued against December KC wheat. MPLS spring wheat as steady to a penny lower.

The weekly Export Sales report will get another catch-up release on Thursday morning. Analysts are looking for between 200,000 to 600,000 MT in sales for the week ending on 11/13.

The quarterly Flour Milling report from NASS was released on Wednesday, with the July-September wheat ground for flour totaling 231.4 million bushels. That was 8.5 million bushels above the April-June total, but down 1 mbu vs. the same period last year. 

CFTC released another update to the Commitment of Traders report on Wednesday, indicating managed money cutting 11,852 contracts from their net short in CBT wheat to 58,761 contracts as of 11/10. In KC wheat, speculators trimmed 9,237 contracts from their net short to 33,217 contracts.

A couple South Korean importers purchased a total of 130,000 MT wheat overnight.

Dec 25 CBOT Wheat  closed at $5.31 1/4, down 5 cents, currently unch

Mar 26 CBOT Wheat  closed at $5.29 1/2, down 5 cents, currently up 1 1/2 cents

Dec 25 KCBT Wheat  closed at $5.16 1/2, down 3 3/4 cents, currently up 5 1/2 cents

Mar 26 KCBT Wheat  closed at $5.23 1/4, down 3 3/4 cents, currently up 1 3/4 cents

Dec 25 MGEX Wheat  closed at $5.82 1/2, unch, currently unch

Mar 26 MGEX Wheat  closed at $5.75 1/4, down 1 cent, currently up 2 1/2 cents