In Monday’s session the wheat markets opened lower overnight but turned positive midway through the overnight session. The markets were able to hold on to the gains in the day session and closed with small gains. Support came from an increase in tensions between Russia and Ukraine as both sides attacked each other over the weekend. A partial temporary ceasefire expired yesterday with no discussion about renewing it. In addition, China has said they have no interest in getting involved with peace talks. Gains were limited by another disappointing export shipments report. Last week’s shipments were a marketing year low at just 2.8 MB. Marketing year to date shipments are running at the 2nd slowest pace in 53 years.
Wheat opened Tuesday’s session steady to lower and continued to trade in that fashion throughout the night and at the start of the day. Selling took charge once the day session started with early selling coming from reports of potential peace talks taking place for both war fronts. Reports have the US and Iran close to finalizing a memo of understanding although neither country have confirmed this and neither have released details. Reports have Russia, Ukraine, and the US meeting Nov 10 to 11 to talk about an end to the Black Sea war. Light selling was also tied to election uncertainty. All three wheat contracts are flirting with recent lows.
Wheat opened steady to lower in Wednesday’s session but firmed to trade with small gains by the close of the night session. Early selling was tied to position squaring and technical selling. Selling was also tied to reports Russia, Ukraine, and the US are set to meet Nov 10 and 11 to discuss a path to end the war. Wheat traded in a back and forth fashion during the day with support spilling over from a firm corn market while gains were kept in check by slow demand. Support also came from weather forecasts calling for rain for the Southern Plains, which will slow down the already behind planting pace.
Wheat opened Thursday’s session higher and extended session gains early. Early support was due to technical buying as traders try and correct an extremely oversold market. Forecasts calling for rain for the Southern Plains is a double-edged sword as it is bringing much needed moisture to the newly planted winter wheat, but it is also delaying the planting of the rest of the crop. Light support came from another strong export sales estimate as last week’s wheat export sales pace was not as strong as a week ago, but it was solid.
Estimates for USDA’s Nov Crop Production estimate has wheat stocks at 746 MB vs 740 MB last month. World wheat stocks are estimated at 276.4 MMT vs 276.0 MMT last month.
Dec Mpls support is at $6.21, Dec Chicago wheat support is $6.10; Dec KC support is $6.40.
For the week, Dec MIAX was at $6.16 down 7.75 cents, Dec Chicago was at $5.9125 down 12.25 cents, Dec KC was at $6.325 down 11.75 cents.
Wheat Weekly Comments November 6
Wheat Weekly Comments November 6
In Monday’s session the wheat markets opened lower overnight but turned positive midway through the overnight session. The markets were able to hold on to the gains in the day session and closed with small gains. Support came from an increase in tensions between Russia and Ukraine as both sides attacked each other over the weekend. A partial temporary ceasefire expired yesterday with no discussion about renewing it. In addition, China has said they have no interest in getting involved with peace talks. Gains were limited by another disappointing export shipments report. Last week’s shipments were a marketing year low at just 2.8 MB. Marketing year to date shipments are running at the 2nd slowest pace in 53 years.
Wheat opened Tuesday’s session steady to lower and continued to trade in that fashion throughout the night and at the start of the day. Selling took charge once the day session started with early selling coming from reports of potential peace talks taking place for both war fronts. Reports have the US and Iran close to finalizing a memo of understanding although neither country have confirmed this and neither have released details. Reports have Russia, Ukraine, and the US meeting Nov 10 to 11 to talk about an end to the Black Sea war. Light selling was also tied to election uncertainty. All three wheat contracts are flirting with recent lows.
Wheat opened steady to lower in Wednesday’s session but firmed to trade with small gains by the close of the night session. Early selling was tied to position squaring and technical selling. Selling was also tied to reports Russia, Ukraine, and the US are set to meet Nov 10 and 11 to discuss a path to end the war. Wheat traded in a back and forth fashion during the day with support spilling over from a firm corn market while gains were kept in check by slow demand. Support also came from weather forecasts calling for rain for the Southern Plains, which will slow down the already behind planting pace.
Wheat opened Thursday’s session higher and extended session gains early. Early support was due to technical buying as traders try and correct an extremely oversold market. Forecasts calling for rain for the Southern Plains is a double-edged sword as it is bringing much needed moisture to the newly planted winter wheat, but it is also delaying the planting of the rest of the crop. Light support came from another strong export sales estimate as last week’s wheat export sales pace was not as strong as a week ago, but it was solid.
Estimates for USDA’s Nov Crop Production estimate has wheat stocks at 746 MB vs 740 MB last month. World wheat stocks are estimated at 276.4 MMT vs 276.0 MMT last month.
Dec Mpls support is at $6.21, Dec Chicago wheat support is $6.10; Dec KC support is $6.40.
For the week, Dec MIAX was at $6.16 down 7.75 cents, Dec Chicago was at $5.9125 down 12.25 cents, Dec KC was at $6.325 down 11.75 cents.