Wheats Fall Double Digits on Thursday

Wheat markets worked lower on Thursday and prices were down by double digits at the close. For SRW the Thursday pullback was 11 to 13 1/2 cents. KC HRW futures closed with 13 1/2 to 18 1/4 cent losses. Spring wheat gave back 22 to 25 cents in the old crop, while new crop closed 12 1/2 to 13 cents weaker.  Spring wheat futures ended the day below $9 for the first time since late September. 

Japan purchased 107,555 MT of food-quality wheat in their weekly MOA tender, with 56,095 MT US specific and the balance from Canada. Algeria is in the market for optional origin milling wheat. Turkey’s TMO issued an international tender for 335k MT of milling wheat. 

Wheat bookings were reported at 264,435 MT for the week that ended 11/6. That was up from last week’s low 48k MT and was 19% above the same week last year. Ahead of the report analysts were looking for between 150k and 400k MT. Wheat shipments from the weekly FAS release were 258,415 MT. That was 22.5% higher wk/wk but down 28% from the same week last year. Accumulated wheat shipments are 50% of the revised USDA forecast, while total wheat commitments are at 72%. 

Mar 22 CBOT Wheat  closed at $7.46 3/4, down 11 cents,

Cash SRW Wheat  was $7.05 1/2, down 11 1/8 cents,

Mar 22 KCBT Wheat  closed at $7.59 3/4, down 18 1/4 cents,

Cash HRW Wheat  was $7.41, down 18 1/8 cents,

Mar 22 MGEX Wheat  closed at $8.95 1/2, down 25 cents,