Wheat is showing losses across the three exchanges on Wednesday morning, as bulls are failing to hold recent ground gained. The wheat complex saw mixed trade on Tuesday, with spring wheat leading the way higher. CBT soft red wheat futures were fractionally to 2 cents higher. Preliminary open interest was down 3,552 contracts, as the Goldman roll saw December drop 20.504 contracts and March up 12,359 contracts. KC HRW futures saw Tuesday trade steady to 4 cents lower. Open interest was down 4,012 contracts on Tuesday. MPLS spring wheat futures were up 5 to 6 cents on the day.
USDA is expected to release their WASDE this Friday despite the ongoing shutdown, with a Reuters survey showing analysts looking for US wheat stocks at 867 mbu, a 23 mbu increase from the September report, likely including the increased production.
EU soft wheat exports have totaled 8.38 MMT from July 1 to November 9, now down just 0.33 MMT from the same period last year. The French farm ministry expected the country’s soft wheat production at 33.3 MMT, up 0.1 MMT from the previous month.
Algeria purchased an estimated 150,000 to 170,000 MT of wheat in a tender on Tuesday. A South Korean importer purchased 75,000 MT of wheat in a tender overnight.
Dec 25 CBOT Wheat closed at $5.36, up 1/4 cent, currently down 8 cents
Mar 26 CBOT Wheat closed at $5.51 3/4, up 1 1/4 cents, currently down 8 cents
Dec 25 KCBT Wheat closed at $5.23 3/4, down 3 1/4 cents, currently down 7 cents
Mar 26 KCBT Wheat closed at $5.39 1/4, unch, currently down 6 1/2 cents
Dec 25 MGEX Wheat closed at $5.70 1/2, up 5 1/4 cents, currently down 3 cents
Mar 26 MGEX Wheat closed at $5.84 3/4, up 5 1/4 cents, currently down 1 3/4 cents
