Wheat is trading with slight gains so far to start the week. The wheat complex posted mixed trade on Friday, with the hard red contracts weaker. CBT soft red wheat futures closed the session fractionally mixed, as December was 4 ½ cents lower last week. KC HRW futures fell back 1 to 2 cents on Friday, with December slipping back 8 ½ cents since last Friday. Preliminary open interest was up 4,418 contracts on Friday. MPLS spring wheat futures were fractionally lower at the close, with December 8 cents in the red on the week.
Winter wheat planting may be delayed in portions of north-central KS in the next week, with totals of 1 to 2 inches expected.
Taiwan flour mill importers purchased a total of 80,550 MT of wheat from the US in a tender overnight. The Buenos Aires Grain Exchange estimates the Argentina wheat crop at 93% good/excellent, a 4 point improvement from last week, with their production estimate at 22 MMT. Saudi Arabia purchased an estimated 455,000 MT of wheat in their tender on Monday.
Dec 25 CBOT Wheat closed at $5.15 1/4, up 1/2 cent, currently up 2 cents
Mar 26 CBOT Wheat closed at $5.32 1/2, unch, currently up 2 cents
Dec 25 KCBT Wheat closed at $4.97, down 2 cents, currently up 2 1/2 cents
Mar 26 KCBT Wheat closed at $5.18 1/2, down 1 1/2 cents, currently up 2 cents
Dec 25 MGEX Wheat closed at $5.60 3/4, down 3/4 cent, currently up 1 1/2 cents
Mar 26 MGEX Wheat closed at $5.80 1/2, down 3/4 cent, currently up 1/2 cent
