Wheat Losses Continue on Monday Morning
Wheat is starting the week with more losses. The wheat complex fell across the three markets on Friday, to end the week with spillover pressure from the rest of the commodity complex. CBT soft red wheat futures saw losses of 8 to 9 cents on Friday, with December 16 ¾ cents lower. New selling interest was noted in, as open interest was up 14,668 contracts. KC HRW futures posted 6 to 7 cent losses, as December fell another 14 cents on the week. MPLS spring wheat futures were down 5 to 6 cents at the close, with December slipping back 8 cents last week.
Winter wheat planting should be able to near its end in the coming weeks, with the next 7 days looking dry for much of the growing region.
For the current crop, SovEcon estimates production to total 87.8 MMT, a 0.6 MMT increase from the previous number. The French winter wheat crop is estimated at 5% planted as of October 6 according to FranceAgriMer.
Dec 25 CBOT Wheat closed at $4.98 1/2, down 8 cents, currently down 3 1/2 cents
Mar 26 CBOT Wheat closed at $5.15 1/4, down 8 3/4 cents, currently down 3 3/4 cents
Dec 25 KCBT Wheat closed at $4.83, down 6 3/4 cents, currently down 2 3/4 cents
Mar 26 KCBT Wheat closed at $5.04 1/2, down 6 3/4 cents, currently down 2 3/4 cents
Dec 25 MGEX Wheat closed at $5.52 3/4, down 5 1/4 cents, currently down 3/4 cent
Mar 26 MGEX Wheat closed at $5.72, down 5 1/4 cents, currently down 3/4 cent
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.
