The wheat market closed the short week with all three exchanges lower and the hard red contracts printed new lows back to 2021. Chicago contracts fell 6 ¼ to 8 ¾ cents on the day. Kansas City futures fell 7 ¾ to 13 cents on the day. MPLS spring wheat settled with 10 ¾ to 14 cent losses.
This morning’s delayed Export Sales report indicated 171,753 MT of all wheat stocks for the week of November 16. That was on the low end of the 125,000 and 450,000 MT trade estimates. It was also below last week and the lowest total since mid-July. Light new crop sales totaling 25,450 MT were also reported. Total old export sales commitments are now 12,113 MMT, which is 64% of USDA’s projected US export total, with exporters typically selling 69% of the forecast so far.
Russia cuts its export duty on wheat from 4,395.4 rubles/MT ($49.26/MT) to 3,820.2 rubles/MT ($42.82/MT) for the week ending December 5
Dec 23 CBOT Wheat closed at $5.48 3/4, down 7 cents,
Mar 24 CBOT Wheat closed at $5.77 1/4, down 7 1/4 cents,
Cash SRW Wheat was $4.75 5/8, up 11 5/8 cents,
Dec 23 KCBT Wheat closed at $6.02, down 12 1/2 cents,
Cash HRW Wheat was $5.47 3/8, up 5 1/4 cents,
Dec 23 MGEX Wheat closed at $6.96 3/4, down 14 cents,
As of the date of publication, Alan Brugler 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 for informational purposes only. For more information, please see Barchart’s Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.