Wheat Trading with Midday Gains Following Stocks Cut
The wheat complex is posting gains across the three markets on Tuesday’s midday. Chicago SRW futures are 1 ½ to 4 cents higher. There were 3 deliveries issued against December CBT wheat futures overnight. KC HRW contracts are up 4 to 5 cents so far on the day. MPLS spring wheat is 1 to 3 cents higher, with in delivery Dec up 13 3/4.
The monthly WASDE report gave the bulls a somewhat friendly surprise as US wheat exports were up 25 mbu to 850, with imports up 5 mbu. US ending stocks were down 20 mbu to 795 mbu as a result, vs. the trade looking for the number to remain steady. Despite the tighter US number, the world stocks were 0.31 MMT higher at 257.88 MMT. Much of that was due to a 1.16 MMT increase to carryover, as EU production was down 1.3 MMT.
State Crop Progress data from Kansas showed winter wheat ratings down 1% to 55% gd/ex, with the Brugler500 ratings up 2 points to 350.
Japan has issued a weekly tender for 112,889 MT of wheat from the US, Canada, and Australia, with 58,986 MT US specific. The EU commission shows the marketing year to date (since July 1) soft wheat exports at 10.24 MMT as of December 8, compared to the 14.41 MMT from last year.
Dec 24 CBOT Wheat is at $5.45, up 3 3/4 cents,
Mar 25 CBOT Wheat is at $5.60 1/4, up 1 1/2 cents,
Dec 24 KCBT Wheat is at $5.53, up 10 3/4 cents,
Mar 25 KCBT Wheat is at $5.63 1/4, up 4 1/2 cents,
Dec 24 MGEX Wheat is at $5.82 1/4, up 13 3/4 cents,
Mar 25 MGEX Wheat is at $6.04 3/4, up 1 1/2 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.