Wheat Turning Higher at Midday
US wheat futures traded mixed at midday Wednesday. Chicago soft red wheat was steady to slightly lower, while Kansas City hard red winter and Minneapolis spring wheat futures rose 1–2 cents. Analysts expect Friday’s USDA WASDE to show higher US wheat stocks at 867 mbu and global stocks at 266.13 MMT.
The wheat complex is holding higher at midday. CBT soft red wheat futures are steady to fractionally lower at the midday portion of Wednesday trade. KC HRW futures are 1 to 2 cents in the green across most contracts on Wednesday. MPLS spring wheat futures are up 1 to 2 cents across the front months
USDA is expected to release their WASDE this Friday despite the ongoing shutdown, with a Reuters survey showing analysts looking for US wheat stocks at 867 mbu, a 23 mbu increase from the September report, likely to include the increased production. World ending stocks are seen at 266.13 MMT, up 1.93 MMT from September is realized.
The French farm ministry expected the country’s soft wheat production at 33.3 MMT, up 0.1 MMT from the previous month. A South Korean importer purchased 75,000 MT of wheat in a tender overnight.
Dec 25 CBOT Wheat is at $5.35 1/2, down 1/2 cent,
Mar 26 CBOT Wheat is at $5.51 3/4, unch,
Dec 25 KCBT Wheat is at $5.25 1/4, up 1 1/2 cents,
Mar 26 KCBT Wheat is at $5.41 1/4, up 2 cents,
Dec 25 MGEX Wheat is at $5.70 1/2, up 1 cent,
Mar 26 MGEX Wheat is at $5.85 1/4, up 1 1/2 cents.
To Read more about Wheat News continue reading Agriinsite.com
Source : Nasdaq.com
