Wheat is continuing its grind lower on Tuesday morning. The wheat complex was mostly lower on Monday, with some back months seeing strength at the close. CBT soft red wheat futures saw front months with fractional to 2 cent losses, as some deferreds were ¼ cent higher. Preliminary open interest rose 9,419 contracts on Monday. KC HRW futures posted 1 ¾ to 2 ¾ cent losses in the nearby contracts. MPLS spring wheat futures saw steady trade to ½ cent losses at the close.
All federal offices are closed today (despite the shutdown) due to Columbus Day, which will push the Export Inspections released back to Tuesday. A Reuters survey of analysts is looking for the winter wheat crop to be near 66% planted, though there won’t be a Crop Progress report this week.
Saudi Arabia purchased 500,000 MT of wheat from abroad investors. Algeria also issued a tender for 50,000 MT of durum wheat, with a deadline of 10/15. South Korea is tendering for 95,000 MT of wheat from the US ana Canada, with a Wednesday deadline. The French Farm ministry estimates the country’s soft wheat crop at 33.2 MMT a 0.1 MMT reduction from last month.
Dec 25 CBOT Wheat closed at $4.96 3/4, down 1 3/4 cents, currently down 4 1/4 cents
Mar 26 CBOT Wheat closed at $5.13 1/4, down 2 cents, currently down 4 1/2 cents
Dec 25 KCBT Wheat closed at $4.81 1/4, down 1 3/4 cents, currently down 3 3/4 cents
Mar 26 KCBT Wheat closed at $5.02 1/2, down 2 cents, currently down 3 1/2 cents
Dec 25 MGEX Wheat closed at $5.52 1/2, down 1/4 cent, currently down 1 cent
Mar 26 MGEX Wheat closed at $5.72 1/2, down 1/2 cent, currently down 1 cent
