Wheat is trading with gains across the three markets early on Friday. The wheat complex pulled back from midday strength, with contracts mixed on Thursday. CBT soft red wheat futures saw fractionally lower trade to round out the session. Open interest was down 1,902 contracts on Thursday. KC HRW futures were 1 to 2 cents in the green to close Thursday. Open interest suggested short covering, down 1,300 contracts. MPLS spring wheat futures closed with contracts steady to 2 cents lower.
Delayed export sales data for the week of 9/25 showed 315,875 MT of wheat sold in that week, a 3-week low at the time.
A Reuters survey shows analysts looking for US wheat stocks at 867 mbu, a 23 mbu increase from the September report, likely to include the increased production. World ending stocks are seen at 266.13 MMT, up 1.93 MMT from September is realized.
The NOAA 7-day QPF shows precip expected to total 1 to 4 inches in parts of the Southern Plains and parts of SRW country in the middle parts of next week.
The French wheat ending stocks estimate from FranceAgriMer was 2.83 MMT, up 0.04 MMT from their previous estimate. They also estimate that 89% of the country’s soft wheat crop was 89% planted, with initial 98% of the crop in good/excellent conditions. The Buenos Aires Grain Exchange estimates the Argentina wheat crop at 24 MMT, up 2 MMT from the previous estimate.
Dec 25 CBOT Wheat closed at $5.35 3/4, down 1/4 cent, currently up 7 ½ cents
Mar 26 CBOT Wheat closed at $5.52 1/4, down 1/4 cent, currently up 5 ½ cents
Dec 25 KCBT Wheat closed at $5.25 3/4, up 1/4 cent, currently up 6 ¼ cents
Mar 26 KCBT Wheat closed at $5.43, up 1 1/4 cents, currently up 5 ½ cents
Dec 25 MGEX Wheat closed at $5.70 3/4, unch, currently up 2 ½ cents
Mar 26 MGEX Wheat closed at $5.83, down 1 1/4 cents, currently up 3 cents
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.
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