Wheat Backing off Highs at Midday
Wheat markets are showing slight gains on Tuesday. Chicago SRW futures are up 7 ¼ cents, KC HRW contracts rise 1-2 cents, and MPLS spring wheat gains 2-3 cents. Dry conditions are returning to US wheat-growing regions. Speculators increased net short positions, while Japan tendered for 111,405 MT of wheat. EU soft wheat exports are significantly lower than last year.
The wheat complex is backing off the early strength on Tuesday, with the three markets holding slight gains at midday. Chicago SRW futures are up fractionally in the nearbys, with thin Dec up 7 ¼. KC HRW contracts are up 1 to 2 cents, with Dec up 3 on thinner trade. MPLS spring wheat is up 2 to 3 cents in most contracts, with Dec up 9 ¼. Dryness is creeping back into much of the US winter wheat growing regions.
The holiday delayed Commitment of Traders report tallied spec traders adding 7,572 contracts to their CBT wheat net short at 59,118 contracts by Tuesday 11/26. In KC wheat, they increased their net short by 1,286 contracts to 30,661 contracts.
Japan is tendering for 111,405 MT of wheat from Australia, Canada, and the US, with 56,945 MT US specific. The EU has exported 9.48 MMT of soft wheat from the first of July through December 1 according to the European Commission. That is well below the 13.75 MMT from the same point last year.
Dec 24 CBOT Wheat is at $5.44 3/4, up 7 1/4 cents,
Mar 25 CBOT Wheat is at $5.48, up 3/4 cent,
Dec 24 KCBT Wheat is at $5.23 3/4, up 3 cents,
Mar 25 KCBT Wheat is at $5.42, up 1 1/2 cents,
Dec 24 MGEX Wheat is at $5.69 1/4, up 9 1/4 cents,
Mar 25 MGEX Wheat is at $5.90 1/2, up 2 3/4 cents.
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Source : Barchart
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