The wheat market is selling the fact of China purchases on Thursday, with losses across most contracts. CBT soft red wheat futures are 17 to 19 cents in the red across most contracts. KC HRW futures are falling 16 to 18 cents in the front months on Thursday. MPLS spring wheat futures are down just 3 ¾ to 4 ½ cents at midday.
Overnight it was reported that China purchased a total of 120,000 MT of US wheat, with the 60,000 MT estimated tot be soft wheat and 60,000 MT spring wheat. Two separate tenders from South Korea saw 60,000 MT of optional origin purchases and a mill importer tendering for 50,000 MT of US wheat with a Friday deadline.
USDA’s Export Sales report will not be reported for the 6th week in a row, as the government shutdown enters record length. Traders are still estimating that exporters sold between 250,000 and 650,000 MT wheat in the week of 10/30.
Dec 25 CBOT Wheat is at $5.36 1/4, down 18 1/2 cents,
Mar 26 CBOT Wheat is at $5.50 3/4, down 17 1/4 cents,
Dec 25 KCBT Wheat is at $5.22 1/4, down 17 3/4 cents,
Mar 26 KCBT Wheat is at $5.36 3/4, down 16 3/4 cents,
Dec 25 MGEX Wheat is at $5.52 1/2, down 3 3/4 cents,
Mar 26 MGEX Wheat is at $5.69 3/4, down 4 1/2 cents,
