Wheat Bulls Rallying into Midday
Wheat futures strengthened on Friday, with CBOT, KC and Minneapolis contracts all moving higher. Dry weather across U.S. wheat regions supported prices. The EU raised its wheat output estimate to 133.4 MMT, while France advanced winter wheat planting. A South Korean mill also purchased 40,300 MT of Canadian wheat.
The wheat complex is posting Friday strength at midday. CBT soft red wheat futures are 5 to 6 cents in the green at midday. KC HRW futures are up 5 to 8 cents higher on Friday. MPLS spring wheat futures are up 2 to 4 cents in the front months at midday.
Dryness is expected in much of wheat country across the US in the next week.
European Commission raised their EU wheat production total by 0.8 MMT to 133.4 MMT. Ending stocks were left at 10.8 MMT. FranceAgriMer estimates the country’s winter wheat crop at 67% planted as of 10/27, up 11 percentage points from the week prior. A South Korean mill importer purchased 40,300 MT of Canadian wheat in their tender on Friday.
Dec 25 CBOT Wheat is at $5.30 1/4, up 6 cents,
Mar 26 CBOT Wheat is at $5.45 3/4, up 5 1/4 cents,
Dec 25 KCBT Wheat is at $5.20 1/4, up 7 1/4 cents,
Mar 26 KCBT Wheat is at $5.34 3/4, up 5 3/4 cents,
Dec 25 MGEX Wheat is at $5.53 3/4, up 3 1/4 cents,
Mar 26 MGEX Wheat is at $5.73 1/2, up 2 3/4 cents .
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Source : Nasdaq.com
