Wheat Pulling Off Midday Lows
The wheat complex is trying to push back higher at midday of the Wednesday session. Chicago SRW futures are down 1 to 2 cents at the moment. There have yet to be any deliveries against December CBT wheat since FND. KC HRW contracts are down 1 to 2 cents in most months. Preliminary open interest was up 3,097 contracts on Tuesday. MPLS spring wheat is showing slight gains in some of the front months at midday.
Prior to Thursday morning’s Export Sales report, the trade is looking for 250,000 and 550,000 MT of wheat sales in the week of 11/28 according to a Reuters survey.
After easing of some drier conditions through November, dryness is creeping back into much of the US winter wheat growing regions over the next week, with some exception to SRW country.
Stats Canada data is expected to show the country’s wheat production totaling 35.04 MMT this year in tomorrow’s report. Last year’s total was 32.95 MMT. Spring wheat is expected to be 25.98 MMT of that.
Dec 24 CBOT Wheat is at $5.35 3/4, down 1 cent,
Mar 25 CBOT Wheat is at $5.46 1/4, down 1 1/4 cents,
Dec 24 KCBT Wheat is at $5.21, down 3 3/4 cents,
Mar 25 KCBT Wheat is at $5.40 1/4, down 1 1/2 cents,
Dec 24 MGEX Wheat is at $5.68 1/2, down 1/2 cent,
Mar 25 MGEX Wheat is at $5.90 3/4, up 3/4 cent,
On the date of publication, Austin Schroeder 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.