Wheat Bulls Rallying into Midday
The wheat complex is posting Friday strength at midday. CBT soft red wheat futures are 5 to 6 cents in the green at midday. KC HRW futures are up 5 to 8 cents higher on Friday. MPLS spring wheat futures are up 2 to 4 cents in the front months at midday.
Dryness is expected in much of wheat country across the US in the next week.
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European Commission raised their EU wheat production total by 0.8 MMT to 133.4 MMT. Ending stocks were left at 10.8 MMT. FranceAgriMer estimates the country’s winter wheat crop at 67% planted as of 10/27, up 11 percentage points from the week prior. A South Korean mill importer purchased 40,300 MT of Canadian wheat in their tender on Friday.
Dec 25 CBOT Wheat is at $5.30 1/4, up 6 cents,
Mar 26 CBOT Wheat is at $5.45 3/4, up 5 1/4 cents,
Dec 25 KCBT Wheat is at $5.20 1/4, up 7 1/4 cents,
Mar 26 KCBT Wheat is at $5.34 3/4, up 5 3/4 cents,
Dec 25 MGEX Wheat is at $5.53 3/4, up 3 1/4 cents,
Mar 26 MGEX Wheat is at $5.73 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.
