The wheat complex is backing off the early strength on Tuesday, with the three markets holding slight gains at midday. Chicago SRW futures are up fractionally in the nearbys, with thin Dec up 7 ¼. KC HRW contracts are up 1 to 2 cents, with Dec up 3 on thinner trade. MPLS spring wheat is up 2 to 3 cents in most contracts, with Dec up 9 ¼. Dryness is creeping back into much of the US winter wheat growing regions.
The holiday delayed Commitment of Traders report tallied spec traders adding 7,572 contracts to their CBT wheat net short at 59,118 contracts by Tuesday 11/26. In KC wheat, they increased their net short by 1,286 contracts to 30,661 contracts.
Japan is tendering for 111,405 MT of wheat from Australia, Canada, and the US, with 56,945 MT US specific. The EU has exported 9.48 MMT of soft wheat from the first of July through December 1 according to the European Commission. That is well below the 13.75 MMT from the same point last year.
Dec 24 CBOT Wheat is at $5.44 3/4, up 7 1/4 cents,
Mar 25 CBOT Wheat is at $5.48, up 3/4 cent,
Dec 24 KCBT Wheat is at $5.23 3/4, up 3 cents,
Mar 25 KCBT Wheat is at $5.42, up 1 1/2 cents,
Dec 24 MGEX Wheat is at $5.69 1/4, up 9 1/4 cents,
Mar 25 MGEX Wheat is at $5.90 1/2, up 2 3/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions 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. More news from Barchart- The "Yeah, but" Problem: What’s Holding The Grain Markets Back?
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- Do We Have to Wait Until Next Year for a Recovery in Wheat?
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