Wheat Slipping Lower Friday Morning
Wheat futures slipped slightly on Friday after Thursday’s modest gains. USDA reported weekly export sales of 505,415 MT, a three-week high. Statistics Canada raised wheat output to 39.96 MMT, above expectations. FranceAgriMer reported 99% planting and 96% good-to-excellent ratings. CBOT, KCBT and MGEX contracts traded narrowly mixed.
Wheat is trading with slight losses on Friday morning. The wheat complex posted gains in the winter wheat contracts on Thursday, with spring wheat lower. Chicago SRW futures posted 2 to 3 cent gains at the close. Open interest rose 7,509 contracts on Thursday. KC HRW futures were up 4 to 5 cents, with in delivery December leading the way. MPLS spring wheat was down 3 to 4 cents in the front months.
USDA released Export Sales data for the week ending on October 31 this morning, showing 505,415 MT of wheat sold int that week. That was in the middle of traders looking for between 250,000 and 650,000 MT and was a 3-week high for bookings.
Canadian wheat production was updated to 39.96 MMT in this morning’s Statistics Canada report, That was a 3.3 MMT increase from the September total and above estimates at 38.49 MMT. Spring wheat was pegged at 29.26 MMT, up 10.3% from last year.
FranceAgriMer estimates the French soft wheat crop at 99% planted as of December 1. Crop ratings were at 96% good/excellent, slipping 1 point on the week.
Dec 25 CBOT Wheat closed at $5.41, up 3 1/4 cents, currently down 2 ½ cents
Mar 26 CBOT Wheat closed at $5.40 1/4, up 2 cents, currently down 3/4 cent
Dec 25 KCBT Wheat closed at $5.29 1/2, up 8 1/2 cents, currently unch
Mar 26 KCBT Wheat closed at $5.34, up 4 1/2 cents, currently down ½ cent
Dec 25 MGEX Wheat closed at $5.82 1/2, unch, currently unch
Mar 26 MGEX Wheat closed at $5.73, down 3 1/4 cents, currently up 1 cent .
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Source : Nasdaq.com
