Wheat Pulls Off Highs to Head into Holiday Break
Wheat futures ended mixed on Wednesday, with Chicago and KC contracts slightly higher while Minneapolis spring wheat slipped. Trade was thin ahead of the Thanksgiving break. Traders await Friday’s delayed U.S. Export Sales report, expected at 350,000–650,000 MT. South Korea purchased 91,300 MT of U.S. wheat and 40,000 MT from Canada.
The wheat complex eased back in some contracts on Wednesday, with the three exchanges closing mixed. Chicago SRW futures were trading 1 to 2 cents higher on Wednesday. KC HRW futures were steady to 4 cents in the green on the day. MPLS spring wheat futures were down 2 to 4 cents. Friday is first notice day for December futures.
The markets will be closed on Thursday for Thanksgiving, with a hard open at 8:30 CST on Friday and an early close.
Delayed Export Sales for the week of October 16 will be out on Friday morning, with traders looking for between 350,000 and 650,000 MT of wheat sold in that week.
A South Korean importer purchased a total of 91,300 MT of wheat from the US and 40,000 MT of wheat from Canada in their tender.
Dec 25 CBOT Wheat closed at $5.29, up 1 3/4 cents,
Mar 26 CBOT Wheat closed at $5.40 1/2, up 1 1/4 cents,
Dec 25 KCBT Wheat closed at $5.17 1/4, up 4 cents,
Mar 26 KCBT Wheat closed at $5.30, up 1 3/4 cents,
Dec 25 MGEX Wheat closed at $5.77 1/2, down 3 1/2 cents,
Mar 26 MGEX Wheat closed at $5.79 1/2, down 2 1/4 cents.
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Source : BarChart
