Wheat is holding withing ½ cent of unchanged across the front months on the three markets. The wheat complex closed Tuesday on a weaker note, as the three exchanges fail to see many buyers come in. CBT soft red wheat futures were down 5 to 6 cents across the front months to close the day. Preliminary open interest was up 6,096 contracts on Tuesday, implying net new selling. KC HRW futures saw losses of 3 to 4 cents on Tuesday. OI rose 2,109 contracts on Tuesday. MPLS spring wheat futures were 4 to 5 cents in the red at the final bell.
Weather is turning dry for much of the winter wheat growing region in the next week, allowing for planting to continue, though it is less than ideal for helping emergence.
Analysts are looking for the US wheat ending stock projection to be raised by 31 mbu to 875 mbu in the October WASDE. That will likely be suspended from the previously set Thursday release due to the government shutdown.
European Commission data showed soft wheat exports at 4.96 MMT in the period of 7/1 to 10/5, which lags 1.67 MMT behind the same period last year.
Dec 25 CBOT Wheat closed at $5.06 3/4, down 6 cents, currently up 1/2 cent
Mar 26 CBOT Wheat closed at $5.24 3/4, down 5 1/2 cents, currently up 1/4 cent
Dec 25 KCBT Wheat closed at $4.92, down 3 1/2 cents, currently down 1/4 cent
Mar 26 KCBT Wheat closed at $5.13 1/2, down 3 1/2 cents, currently unch
Dec 25 MGEX Wheat closed at $5.52, down 4 1/2 cents, currently up 1/4 cent
Mar 26 MGEX Wheat closed at $5.72 1/2, down 4 3/4 cents, currently up 1/2 cent
