Wheat posted Wednesday weakness, as futures saw a delayed response to USDA’s added world production from Tuesday. Chicago SRW futures poste losses of a nickel in the front months on the midweek session. KC HRW futures saw losses of 3 to 4 cents on Wednesday. MPLS spring wheat as steady to a penny lower.
The weekly Export Sales report will get another catch-up release on Thursday morning. Analysts are looking for between 200,000 to 600,000 MT in sales for the week ending on 11/13.
The quarterly Flour Milling report from NASS was released on Wednesday, with the July-September wheat ground for flour totaling 231.4 million bushels. That was 8.5 million bushels above the April-June total, but down 1 mbu vs. the same period last year.
CFTC released another update to the Commitment of Traders report this afternoon, indicating managed money cutting 11,852 contracts from their net short in CBT wheat to 58,761 contracts as of 11/10. In KC wheat, speculators trimmed 9,237 contracts from their net short to 33,217 contracts.
Dec 25 CBOT Wheat closed at $5.31 1/4, down 5 cents,
Mar 26 CBOT Wheat closed at $5.29 1/2, down 5 cents,
Dec 25 KCBT Wheat closed at $5.16 1/2, down 3 3/4 cents,
Mar 26 KCBT Wheat closed at $5.23 1/4, down 3 3/4 cents,
Dec 25 MGEX Wheat closed at $5.82 1/2, unch,
Mar 26 MGEX Wheat closed at $5.75 1/4, down 1 cent,
