Wheat Falling, with December Pressured Ahead of FND
Wheat prices are weaker across various markets ahead of the holiday. Chicago SRW futures are down 6-9 cents, KC HRW contracts are 11-13 cents lower, with December dropping 24 cents. MPLS spring wheat is down 10-15 cents. The market will be closed for Thanksgiving on Thursday, with a shortened session on Friday. Analysts expect 200,000 to 600,000 MT of wheat sales for the week of 11/21. Algeria’s recent wheat tender saw purchases of 140,000 to 150,000 MT.
Wheat is showing weakness across the complex ahead of the Holiday. Chicago SRW futures are down 6 to 9 cents in most contracts. KC HRW contracts are 11 to 13 cents lower on the session, with December falling ahead of First Notice Day, down 24 cents. MPLS spring wheat is down 10 to 15 cents.
The government and markets will be closed on Thursday for Thanksgiving, with the latter having a hard open on Friday morning for a shortened session closing at 12:05 pm CST.
Prior to Friday morning’s Export Sales report, the trade is looking for 200,000 and 600,000 MT of wheat sales in the week of 11/21 according to a Reuters survey.
Algeria’s Tuesday tender saw purchases of between 140,000 and 150,000 MT. Paril milling wheat futures faced some pressure on Wednesday.
Dec 24 CBOT Wheat is at $5.33 1/4, down 6 1/4 cents,
Mar 25 CBOT Wheat is at $5.49, down 9 cents,
Dec 24 KCBT Wheat is at $5.26 1/2, down 24 cents,
Mar 25 KCBT Wheat is at $5.45 1/2, down 13 1/4 cents,
Dec 24 MGEX Wheat is at $5.62 1/4, down 15 1/4 cents,
Mar 25 MGEX Wheat is at $5.91 1/4, down 10 1/4 cents.
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Source Link : Nasdaq
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