The wheat markets were trying to pull back to the higher side on Wednesday, though contracts leaked lower at the close. CBT soft red wheat futures were down 1 to 2 cents on the session. KC HRW futures were fractionally lower at midweek. MPLS spring wheat futures saw 2 to 3 cent losses on the day.
The next week is looking to see a drier pattern in the Southern Plains, with light totals moving east and heavier 1-2 inch totals in SRW area.
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 MT, unchanged from the prior estimate, with inside the EU exports up 0.3 MMT to 7.04 MMT. They also estimate ending stocks at 2.79 MT, a 0.85 T reduction from the previous number.
USDA will not release their weekly Export Sales report this week (set for Friday due to the Monday holiday) due to the government. Wheat sales are seen at 300,000 to 650,000 MT in the week of October 9.
Dec 25 CBOT Wheat closed at $4.98 3/4, down 1 1/2 cents,
Mar 26 CBOT Wheat closed at $5.15 3/4, down 1 cent,
Dec 25 KCBT Wheat closed at $4.88 1/4, down 1/4 cent,
Mar 26 KCBT Wheat closed at $5.08 3/4, down 1/2 cent,
Dec 25 MGEX Wheat closed at $5.51, down 2 1/2 cents,
Mar 26 MGEX Wheat closed at $5.71 3/4, down 2 3/4 cents,
