Wheat Bulls Slip Up Amid Dollar Strength
Wheat futures fell Thursday, with SRW down 1 ½ to 3 ¾ cents, HRW down 5 to 6 ¼ cents, and spring wheat down 4 to 6 cents, pressured by a strong US dollar. Weekly US wheat export sales reached 549,601 MT, with South Korea and Mexico as top buyers. Global wheat production fell to 796 MMT, and stocks dropped to 263 MMT, per IGC data. Dec 24 CBOT wheat closed at $5.48 ¾ (-3 ¾ cents).
The wheat complex was pressured lower on Thursday, with the US dollar index hitting a 1 year high, up 414 points. Chicago SRW futures were down 1 ½ to 3 3/4 cents across the board at the close. KC HRW contracts closed with losses of 5 to 6 1/4 cents. MPLS spring wheat was down 4 to 6 cents on the Thursday session.
Export Sales data released this morning showed all wheat sales totaling 549,601 MT in the week that ended on November 14. That was on the high end of the 275,000 and 600,000 MT estimates and up 9.42% from the week prior. The largest buyer on the week was South Korea at 200,100 MT, with Mexico 91,000 MT.
Taiwan purchased 80,000 MT of US wheat in their tender overnight.
International Grains Council data released this morning showed wheat production for the world estimated down 2 MMT to 796 MMT. Consumption was up 1 MMT, with stocks down 3 MMT for the world at 263 MMT.
Dec 24 CBOT Wheat closed at $5.48 3/4, down 3 3/4 cents,
Mar 25 CBOT Wheat closed at $5.69 1/2, down 2 3/4 cents,
Dec 24 KCBT Wheat closed at $5.55 1/2, down 6 1/4 cents,
Mar 25 KCBT Wheat closed at $5.67 1/4, down 5 1/2 cents.
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Source Link : Nasdaq
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