The wheat complex is trading with Tuesday losses across the three markets. Chicago SRW futures are down 14 to 15 cents so far on Tuesday. KC HRW contracts are showing midday losses of 14 to 15 cents on the day. MPLS spring wheat is down 10 to 12 cents.
Export Inspections data showed 347,321 MT (12.76 mbu) of wheat shipped in the week that ended on November 7. That was up 68.8% from last week and 41.9% larger than the same week last year. A total of 84,061 MT was headed to South Korea, with 57,655 MT shipped to the Philippines. Marketing year to date shipments have totaled 10.11 MMT (371.5 mbu), which is 28.8% above the same period last year.
Precipitation over the last week will likely improve condition ratings, with the Crop Progress report released this afternoon.
Japan is looking for 114,403 MT of wheat in their weekly tender from the normal Australia, Canada, and the US, with 58,046 MT US specific. The French soft wheat crop is projected at 25.56 MMT according to the French Farm Ministry, a 0.13 MMT increase from last month.
Dec 24 CBOT Wheat is at $5.51, down 14 1/2 cents,
Mar 25 CBOT Wheat is at $5.66 1/4, down 14 1/4 cents,
Dec 24 KCBT Wheat is at $5.44 3/4, down 14 3/4 cents,
Mar 25 KCBT Wheat is at $5.58 1/2, down 14 1/2 cents,
Dec 24 MGEX Wheat is at $5.79 3/4, down 12 1/4 cents,
Mar 25 MGEX Wheat is at $6.01 1/2, down 10 3/4 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
