Market Considerations and Analytics
Key Notes
Wheat futures are currently stable to 9 14 cents up so far for the midweek period. The CBT market saw 20-cent swings in the wheat transaction, which finished the day down 10 cents. At the closing, KC wheat futures were lower 9 to 12 1/2 cents. The most stable wheat contract was spring wheat, which only lost 1 1/2 to 6 1/4 cents during the day.
1.384 MMT of US wheat was exported in October, according to official Census data. This increased by 11% from October 2021. Additionally, that is 256,000 MT more than the weekly Inspection figure. The season especially total up to October was 10.053 MMT, which was the slowest tempo as 18/19 and 150k MT behind last season.
Overnight, there were 15 delivery notices compared to CBT Dec wheat, and 12 plugs. Delivery is currently available through today, December 6th. Chicago wheat’s initial open interest indicates total new selling interest increased by 6,512 contracts on Tuesday.
An average trade estimate of 581.3 mbu wheat takeout was reported by experts questioned prior to the release of the monthly WASDE report. If achieved, that would represent a 10.3 mbu rise from November. The entire range should be visible between 551 and 602 mbu.
22 Dec CBOT Wheat traded unch at $7.05 1/2, down 10 cents.
- Wheat on the CBOT closed on March 23 at $7.29, down 10 cents, and is currently up 9 1/4 cents.
- On Tuesday, Cash SRW Wheat was $6.62 5/8, down 5 3/4 cents.
- Mar 23 KCBT Wheat closed at $8.30, down 11 3/4 cents, currently up 6 1/2 cents
- Cash HRW Wheat was $7.93 ¼ on Tuesday, down 13 7/8 cents,
- Mar 23 MGEX Wheat closed at $8.96, down 6 cents, currently up 2 cents
