Wheat Kicking off Friday with a Slight Bounce

Wheat is seeing some buying come in on Friday morning, with just marginal gains. The wheat complex saw weakness across the three markets on Thursday. Chicago SRW contracts were down 3 ½ to 6 ½ cents on the day. Open interest was up 940 contracts. KC HRW futures saw losses of 5 ¼ to 9 ½ cents at the close. OI rose 1,663 contracts. MPLS spring wheat was 4 ½ to 10 ½ cents in the red on Thursday.

Despite the reports of potential peace talks, another merchant vessel was struck overnight in the Black Sea. Russia also struck Kyiv with more missiles overnight. 

USDA’s Export Sales report was released this morning, with a total of just 239,627 MT during the week of 10/15. That was a 6-week low for sales and down 29.79% from the same week last year. Mexico was the top buyer of 98,000 MT, with 49,900 MT sold to Unknown destinations, and 19,000 MT so South Korea. 

NOAA’s 7-day forecast showed upwards of 2 inches expected from the TX panhandle through western KS, and NE in the next week. 

A South Korean mill is tendering for 50,000 MT of US wheat, with offers due today.

The FranceAgriMer estimates the country’s wheat crop at 45% planted by October 19, ahead of the 42% pace from last year.

Dec 26 CBOT Wheat  closed at $6.24 3/4, down 3 1/2 cents, currently up 1 cent

Mar 27 CBOT Wheat  closed at $6.37 3/4, down 5 cents, currently up 1 1/4 cents

Dec 26 KCBT Wheat  closed at $6.65 3/4, down 7 1/4 cents, currently up 1/4 cent

Mar 27 KCBT Wheat  closed at $6.76 1/4, down 8 cents, currently up 1/2 cent

Dec 26 MIAX Wheat  closed at $6.42 3/4, down 9 3/4 cents, currently up 5 cents

Mar 27 MIAX Wheat  closed at $6.60, down 10 cents, currently up 4 1/4 cents

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.