The wheat complex was strength on Tuesday across the three markets. CBT soft red wheat futures saw contracts 3 to 4 cents higher at the close. An increase of 5,353 contracts of open interest was noted on Tuesday, suggesting new long interest. KC HRW futures held the strength on Tuesday, as contracts closed with 6 to 7 ¼ cent gains. MPLS spring wheat futures were up 2 cents across the front months.
Tuesday morning’s Export Inspections report showed a total of 444,138 MT (16.32 mbu) of wheat shipped in the week of 10/9. That was 18.99% below the week prior but up 16.85% from the same week last year. Indonesia was the largest buyer of 77,936 MT, with 70,338 MT shipped to Japan and 68,856 MT to Mexico. The marketing year total is now at 10.665 MMT (391.852 mbu) of wheat shipped, which is now 18.11% above the same period last year.
A South Korean importer purchased 50,000 MT of wheat from the US overnight. The FranceAgriMer estimates the country’s soft wheat exports outside the EU at 7.85 T, unchanged from the prior estimate, with inside the EU exports up 0.3 MMT to 7.04 MMT. They also estimate ending stock at 2.79 MT, a 0.85 T reduction from the previous number. European Commission data showed July 1 – October 12 exports of soft wheat out of the EU at 5.51 MMT, down 1.61 MMT from the same period last year.
Dec 25 CBOT Wheat is at $5.00 1/4, up 3 1/2 cents, currently down 4 1/2 cents
Mar 26 CBOT Wheat is at $5.16 3/4, up 3 1/2 cents, currently down 4 cents
Dec 25 KCBT Wheat is at $4.88 1/2, up 7 1/4 cents, currently down 3 3/4 cents
Mar 26 KCBT Wheat is at $5.09 1/4, up 6 3/4 cents, currently down 3 3/4 cents
Dec 25 MGEX Wheat is at $5.53 1/2, up 2 cents, currently down 1 cent
Mar 26 MGEX Wheat is at $5.73 1/2, up 2 cents, currently down 1 1/2 cents
