Wheat Slipping After Slow Export Sales
Wheat futures are experiencing weakness across the markets, with Chicago SRW down 6 ½ cents, KC HRW contracts lower by 6 ½ cents, and MPLS spring wheat dropping 5 ¾ cents. The weekly Export Sales report showed 290,236 MT of wheat sold for the week ending December 5, which is lower than expected and marks an 11-week sales low. Notable buyers included the Philippines (92,000 MT) and Mexico (73,700 MT). Japan purchased wheat from Australia, Canada, and the U.S., while Saudi Arabia issued a tender for 595,000 MT of wheat.
The wheat complex is trading with weakness across the three markets at midday. Chicago SRW futures are 6 1/2 cents lower in the March contract. There were another 5 deliveries issued against December CBT wheat overnight. KC HRW contracts are down 6 ½ to cents on the day. MPLS spring wheat are down 5 ¾ cents in the March contracts.
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 is at $5.33 1/4, down 10 1/4 cents,
Mar 25 CBOT Wheat is at $5.56 3/4, down 6 1/2 cents,
Dec 24 KCBT Wheat is at $5.50 3/4, up 1 1/2 cents,
Mar 25 KCBT Wheat is at $5.60 3/4, down 6 1/2 cents.
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Source : Nasdaq.Com
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