Wheat is trading with contracts lower across the three exchanges. The wheat complex was mixed on Monday, as KC was on the selling end of some interclass spreading. CBT soft red wheat futures were on the buying side, up 1 to 2 cents. KC HRW futures were 1 to 2 cents lower on Monday. MPLS spring wheat futures were steady across the front months at the close.
Export Inspections data showed 480,614 MT (17.66 mbu) of wheat shipped in the week that ended on October 16, which was an increase of 7.39% from the week prior and 77.63% above the same week last year. Nigeria was the top destination of 97,809 MT, with 67,377 MT to Thailand and 63,333 MT to South Korea. Marketing year shipments have totaled 11.193 MMT (341.713 mbu), a 20.35% increase yr/yr.
Portions of the Southern Plains in KS and the eastern half of OK, stretching to the Mississippi River are expected to receive 1 to 3 inches of rain in the next week. Lighter totals are seen in the rest of the Plains.
Algeria is tendering for 50,000 MT of soft wheat, with a deadline of Wednesday on offers. IKAR estimated the Russian wheat crop at 88 MMT, a 0.5 MMT increase from their prior number.
Dec 25 CBOT Wheat closed at $5.04 3/4, up 1 cent, currently down 2 3/4 cents
Mar 26 CBOT Wheat closed at $5.21 1/2, up 1 1/4 cents, currently down 3 cents
Dec 25 KCBT Wheat closed at $4.90, down 1 1/2 cents, currently down 2 3/4 cents
Mar 26 KCBT Wheat closed at $5.09 1/2, down 1 1/2 cents, currently down 2 1/4 cents
Dec 25 MGEX Wheat closed at $5.49 1/2, unch, currently down 1/2 cents
Mar 26 MGEX Wheat closed at $5.69 1/2, unch, currently down 1/4 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.
