Wheat Hovering Near Unchanged to Start Friday
Wheat futures opened steady Friday after Thursday’s declines. Chicago SRW fell 4 ¼ to 4 ¾ cents, KC HRW dropped 4 ¼ to 5 cents, and MPLS spring wheat lost up to 5 cents. Weekly U.S. wheat export sales hit an 11-week low at 290,236 MT, led by the Philippines (92,000 MT) and Mexico (73,700 MT). Japan bought 112,889 MT of wheat, with 58,986 MT from the U.S., while Saudi Arabia tendered for 595,000 MT
Wheat is off to a slow start on Friday morning, with contracts sticking close to steady. The wheat complex closed with weakness across the three markets on Thursday. Chicago SRW futures were 4 ¼ to 4 3/4 cents lower across the board. KC HRW contracts were down 4 ¼ to 5 cents on the day. There were 14 deliveries issued against Dec KC wheat overnight, with 8 for December CBT wheat. MPLS spring wheat closed with steady to 5 cent losses across the board on the session.
The weekly Export Sales report showed 290,236 MT of wheat sold in the week of 12/5, on the lower end of the estimates running between 275,000 and 600,000 MT. That was an 11-week low for sales and was down 23.27% from last week. Sales were spread out, with the Philippines buying 92,000 MT and Mexico in for 73,700 MT
Japan purchased a total of 112,889 MT of wheat from Australia, Canada, and the US, with 58,986 MT US specific. Saudi Arabia has issued a tender to buy 595,000 MT of wheat, with offered due on Friday.
Dec 24 CBOT Wheat closed at $5.38 3/4, down 4 3/4 cents, currently unch
Mar 25 CBOT Wheat closed at $5.58 1/2, down 4 3/4 cents, currently unch
Dec 24 KCBT Wheat closed at $5.46 1/4, down 3 cents, currently unch
Mar 25 KCBT Wheat closed at $5.62 3/4, down 4 1/2 cents, currently up ¾ cent
Dec 24 MGEX Wheat closed at $5.82 1/4, unch, currently unch
Mar 25 MGEX Wheat closed at $6.02 1/2, down 4 1/2 cents, currently up 1 ¾ cent .
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Source : Nasdaq.com
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