Wheat Posts Double Digit Tuesday Losses
Wheat futures declined on Tuesday as a strong dollar pressured the market. Chicago SRW, KC HRW, and MPLS spring wheat futures fell by 9.75 to 14.25 cents across contracts. U.S. winter wheat planting is now 91% complete with 76% emergence, slightly above the average. Weekly wheat exports reached 347,321 MT, a notable increase from the prior week and last year, with South Korea and the Philippines as key buyers. Japan issued a tender for U.S., Australian, and Canadian wheat, while French soft wheat output is slightly up at 25.56 MMT.
The wheat complex fell lower on Tuesday across the three exchanges, as a rallying dollar continues to weigh on the market. Chicago SRW futures were down 12 1/2 to 13 3/4 cents on Tuesday. KC HRW contracts posted losses of 9 3/4 to 13 cents on the day. MPLS spring wheat was 11 to 14 1/4 cents in the red.
Weekly Crop Progress data showed a total of 91% of the winter wheat planted as of 11/10, with emergence at 76%, both 2 and 3 percentage points above normal. Condition ratings were improved by 3% to 44% gd/ex, with the Brugler500 index up 10 points to 326.
Export Inspections data showed 347,321 MT (12.76 mbu) of wheat shipped in the week that ended on November 7. That was up 68.8% from last week and 41.9% larger than the same week last year. A total of 84,061 MT was headed to South Korea, with 57,655 MT shipped to the Philippines. Marketing year to date shipments have totaled 10.11 MMT (371.5 mbu), which is 28.8% above the same period last year.
Japan is looking for 114,403 MT of wheat in their weekly tender from the normal Australia, Canada, and the US, with 58,046 MT US specific. The French soft wheat crop is projected at 25.56 MMT according to the French Farm Ministry, a 0.13 MMT increase from last month.
Dec 24 CBOT Wheat closed at $5.52 1/4, down 13 1/4 cents,
Mar 25 CBOT Wheat closed at $5.67, down 13 1/2 cents,
Dec 24 KCBT Wheat closed at $5.46 1/2, down 13 cents,
Mar 25 KCBT Wheat closed at $5.60 3/4, down 12 1/4 cents,
Dec 24 MGEX Wheat closed at $5.77 3/4, down 14 1/4 cents,
Mar 25 MGEX Wheat closed at $6.00 1/2, down 11 3/4 cents.
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Source Link : BarChart
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