The wheat complex exhibited notable strength on Tuesday across all three markets. CBT soft red wheat futures closed with gains of 3 to 4 cents, while KC HRW futures demonstrated even stronger performance, with contracts ending the day up by 6 to 7 ¼ cents. Additionally, MPLS spring wheat futures saw an increase of 2 cents across the front months.
This morning’s Export Inspections report revealed that a total of 444,138 MT (16.32 mbu) of wheat was shipped during the week of October 9. This figure represents an 18.99% decline compared to the previous week but marks a 16.85% increase from the same week last year. Notably, Indonesia emerged as the largest buyer, importing 77,936 MT, followed closely by Japan with 70,338 MT and Mexico with 68,856 MT. The cumulative total for the marketing year now stands at 10.665 MMT (391.852 mbu) of wheat shipped, reflecting an 18.11% increase over the same period last year.
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In other news, South Korea is currently tendering for 95,000 MT of wheat from the United States and Canada, with a deadline set for Wednesday. Meanwhile, the French Farm Ministry has revised its estimate for the country’s soft wheat crop to 33.2 MMT, reflecting a slight reduction of 0.1 MMT from last month. According to data from the European Commission, soft wheat exports from the EU between July 1 and October 12 reached 5.51 MMT, which is down 1.61 MMT compared to the same period last year.
Dec 25 CBOT Wheat is currently priced at $5.00 1/4, reflecting an increase of 3 1/2 cents.
Mar 26 CBOT Wheat is trading at $5.16 3/4, also up by 3 1/2 cents.
Dec 25 KCBT Wheat is priced at $4.88 1/2, marking a gain of 7 1/4 cents.
Mar 26 KCBT Wheat is at $5.09 1/4, up by 6 3/4 cents.
Dec 25 MGEX Wheat is currently at $5.53 1/2, reflecting an increase of 2 cents.
Mar 26 MGEX Wheat is priced at $5.73 1/2, also up by 2 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.
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