Wheat is showing gains across most contracts on Monday morning. The wheat complex posted Friday strength to close out the month. CBT soft red wheat futures were 8 to 10 cents in the green, as December was up 21 ½ cents last week. Open interest was up 9,456 contracts on Friday, showing new buying interest. KC HRW futures were up 7 to 11 1/2 cents on Friday, with Dec up 23 cents. Friday’s OI was up 2,724 contracts. MPLS spring wheat futures were 2 to 3 cents higher in the front months, with Dec slipping 4 cents last week.
A report from Bloomberg shows that China is looking to buy wheat from the US.
Dryness is expected across much of wheat country across the US in the next week.
European Commission raised their EU wheat production total by 0.8 MMT to 133.4 MMT. Ending stocks were left at 10.8 MMT. FranceAgriMer estimates the country’s winter wheat crop at 67% planted as of 10/27, up 11 percentage points from the week prior. The Argentina wheat crop is 8.4% harvested according to the Buenos Aires Grain Exchange.
Dec 25 CBOT Wheat closed at $5.34, up 9 3/4 cents, currently up 7 1/2 cents
Mar 26 CBOT Wheat closed at $5.48 1/2, up 8 cents, currently up 6 3/4 cents
Dec 25 KCBT Wheat closed at $5.24 1/2, up 11 1/2 cents, currently up 3 3/4 cents
Mar 26 KCBT Wheat closed at $5.36 3/4, up 7 3/4 cents, currently up 4 cents
Dec 25 MGEX Wheat closed at $5.53, up 2 1/2 cents, currently up 5 cents
Mar 26 MGEX Wheat closed at $5.73, up 2 1/4 cents, currently up 3 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.
More news from Barchart
