Wheat Markets Hitting New Lows
The wheat market is continuing the selling pressure on Friday. Kansas City is leading thew way, down 10 to 13 cents, with MPLS spring wheat 6 to 9 cents lower. Both have hit new lows on the front month chart going back to July and May 2021 respectively. Chicago contract are down 6 to 8 cents.
The delayed Export Sales report from this morning indicated 171,753 MT of all wheat bookings during the week of November 16. That was on the low end of the 125,000 and 450,000 MT trade estimates. It was also below last week and the lowest total since mid-July. A light new crop sales total of 25,450 MT was also reported.
Russia is trimming their export tax on wheat from 4,395.4 ruble/MT ($49.26/MT) to 3,820.2 rubles/MT ($42.82/MT) for the week that ends on December 5
Dec 23 CBOT Wheat is at $5.49 1/4, down 6 1/2 cents,
Mar 24 CBOT Wheat is at $5.77 3/4, down 6 3/4 cents,
Cash SRW Wheat is at $4.75 5/8, up 11 5/8 cents,
Dec 23 KCBT Wheat is at $6.03 3/4, down 10 3/4 cents,
Cash HRW Wheat is at $5.47 3/8, up 5 1/4 cents,
Source link: https://www.nasdaq.com/articles/wheat-markets-hitting-new-lows
