The wheat market continues the selling pressure on Friday. Kansas City leads the way, down 10 to 13 cents, with MPLS spring wheat down 6 to 9 cents. Both made new lows on the previous monthly chart going back to July and May 2021 respectively. The Chicago contract is down 6 to 8 cents.
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.
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 is at $5.49 1/4, down 6 1/2 cents,
Mar 24 CBOT Wheat is at $5.77 3/4, down 6 3/4 cents,
Cash SRW Wheat is at $4.75 5/8, up 11 5/8 cents,
Dec 23 KCBT Wheat is at $6.03 3/4, down 10 3/4 cents,
Cash HRW Wheat is at $5.47 3/8, up 5 1/4 cents,
Dec 23 MGEX Wheat is at $7.04 1/4, down 6 1/2 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.
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