Wheat Slipping Back Early on Friday
Wheat is showing weakness so far on Friday morning. The wheat complex was mixed on Thursday, as the winter wheats continue to grind lower. CBT soft red wheat futures were down fractionally to 1 ¼ cents on the day. Preliminary open interest was up 10,762 contracts. KC HRW futures were down 3 to 4 cents on the day. OI rose 5,009 contracts on Thursday. MPLS spring wheat futures were 1 to 2 cents higher to close the day.
Weather remains dry for the heart of winter wheat country over the next week.
Russia’s deputy ag minister stated the country expects to cut back winter and spring wheat area by 6.2% this year, with acres shifting to oilseeds. For the current crop, SovEcon estimates production to total 87.8 MMT, a 0.6 MMT increase from the previous number. The French inter wheat crop is estimated at 5% planted as of October 6 according to FranceAgriMer.
Dec 25 CBOT Wheat closed at $5.06 1/2, down 3/4 cent, currently down 3 cents
Mar 26 CBOT Wheat closed at $5.24, down 1 1/4 cents, currently down 4 cents
Dec 25 KCBT Wheat closed at $4.89 3/4, down 3 1/2 cents, currently down 4 cents
Mar 26 KCBT Wheat closed at $5.11 1/4, down 3 3/4 cents, currently down 3 1/2 cents
Dec 25 MGEX Wheat closed at $5.57, up 1 1/2 cents, currently down 2 cents
Mar 26 MGEX Wheat closed at $5.77 1/4, up 2 cents, currently down 2 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.