Wheat Fading Back Lower on Thursday Morning

Barchart · 3d ago

Wheat is down 3 to 6 cents in early Thursday trade. The wheat complex posted strength across the three exchanges on Wednesday. Chicago SRW futures posted session gains of 6 ¾ to 10 ½ cents on Wednesday. Open interest suggested a rotation on ownership, up just 172 contracts on Wednesday KC HRW futures were 5 ¼ to 8 ½ cents higher across the board. Open interest was down 497 contracts on Wednesday. MPLS spring wheat saw 3 to 7 ¼ cent gains on the day. 

Export Sales data will be pushed back to Friday due to the Wednesday Veterans Day federal holiday.

The US met with both Russian and Ukrainian counterparts in Abu Dhabi with peace talks making some progress, including a prisoner swap. The mater seems skeptical following Ukrainian attacks on Russian energy infrastructure and Russian attacks on power infrastructure overnight. 

USDA’s monthly WASDE report was released on Tuesday, with the US wheat ending stocks number raised by 3 mbu to 743 mbu, solely due to a 3 mbu cut to food use. World carryout was raised by 4.78 MMT to 280.82 MMT. World production was up 5.12 MMT, with Argentina (+1.5), Australia (+1.5), Ukraine (+0.5), and Kazakhstan (+0.8) all got a hike.

Algeria’s wheat tender was due on Wednesday, with some reports suggesting purchases of at least 700,000 MT. 

Dec 26 CBOT Wheat  closed at $5.99 1/2, up 6 3/4 cents, currently down 3 cents

Mar 27 CBOT Wheat  closed at $6.14 1/4, up 9 cents, currently down 3 cents

Dec 26 KCBT Wheat  closed at $6.39 1/2, up 5 1/4 cents, currently down 5 3/4 cents

Mar 27 KCBT Wheat  closed at $6.49 1/2, up 7 3/4 cents, currently down 5 1/4 cents

Dec 26 MIAX Wheat  closed at $6.36 1/2, up 6 3/4 cents, currently down 4 cents

Mar 27 MIAX Wheat  closed at $6.50 3/4, up 7 1/4 cents, currently down 3 cents


On the date of publication, Austin Schroeder did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.