Wheat Heads Lower on Wednesday
Wheat futures weakened on Wednesday, with Chicago, KC and Minneapolis contracts mostly lower. No new December deliveries were posted. Traders expect 250,000–650,000 MT in weekly export sales. South Korea bought 30,300 MT, while Algeria purchased up to 900,000 MT. Analysts peg Canadian wheat output at 38.49 MMT.
The wheat complex saw weakness across most contracts on Wednesday. Chicago SRW futures were steady to 3 cents in the red on the day. KC HRW futures were down 2 to 4 cents on Wednesday. MPLS spring wheat was 4 to 5 cents lower at the close. There were no deliveries issued against December CBT wheat overnight, with another 66 against December KC wheat.
Export Sales data for the week ending on October 31 will be out on Thursday, with traders looking for between 250,000 and 650,000 MT in wheat bookings.
A South Korean importer purchased a total of 30,300 MT of wheat in a tender overnight. Algeria purchased wheat in their tender that closed on Wednesday, with reports of purchases between 810,000 and 900,000 MT.
Canadian wheat production is estimated at 38.49 MMT according to a Reuters survey of analysts, ahead of the Statistics Canada report on Thursday.
Dec 25 CBOT Wheat closed at $5.37 3/4, unch,
Mar 26 CBOT Wheat closed at $5.38 1/4, down 2 3/4 cents,
Dec 25 KCBT Wheat closed at $5.21, down 2 1/2 cents,
Mar 26 KCBT Wheat closed at $5.29 1/2, down 3 1/2 cents,
Dec 25 MGEX Wheat closed at $5.82 1/2, down 11 1/4 cents,
Mar 26 MGEX Wheat closed at $5.76 1/4, down 4 1/2 cents .
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Source : Nasdaq.com
