Wheat Sees Buying into the Weekend

The wheat complex was mostly higher trade at Friday’s close, as the winter wheat contracts try to form some sort of bottom. CBT soft red wheat futures were 1 to 2 cents higher, as December was 5 ¼ cents in the green this week. KC HRW futures were up 2 to 3 cents across the front months, with the lead December contracts up 8 ½ cents over last Friday. MPLS spring wheat futures posted steady to penny lower trade, as December was down 3 ¼ cents this week.

The FranceAgriMer estimates the country’s soft wheat crop at 27% planted as of 10/13, above the previous week. The Buenos Aires Grain Exchange estimates the Argentina wheat crop at 90% gd/ex, though noted a caution over colder weather next week. Their estimate for the crop stood at 22 MMT. 

Algeria purchased a total of 400,000 MT of wheat in their recent tender. Ukraine wheat exports  have totaled 5.6 MMT since July 1, down 21% from a year ago.

Dec 25 CBOT Wheat  closed at $5.03 3/4, up 1 1/4 cents,

Mar 26 CBOT Wheat  closed at $5.20 1/4, up 1 1/2 cents,

Dec 25 KCBT Wheat  closed at $4.91 1/2, up 2 3/4 cents,

Mar 26 KCBT Wheat  closed at $5.11, up 2 cents,

Dec 25 MGEX Wheat  closed at $5.49 1/2, down 1 cent,

Mar 26 MGEX Wheat  closed at $5.69 1/2, down 1/2 cent,

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.