Wheat started the week by opening the session steady to higher but faded the gains early. Early selling was tied to position squaring ahead of the holiday. Light selling was tied to profit taking and the evening up of positions ahead of month end. Wheat was able to recover some of the early session losses once the day session started due to support from last week’s strong export inspections estimate. Last week’s pace was at a 5-week high. Gains were kept in check by increasing world production estimates as almost every one of the major exporting countries are seeing higher production.
Winter wheat planting progress is estimated at 97% complete vs 92% last week and 97% average. Emergence was estimated at 87% vs 79% last week and vs 89% average. Wheat conditions improved 3% to 48% g/e, 35% fair, and 17% p/vp.
Wheat opened Tuesday’s session with each of the wheat exchanges going in their own direction. Trading was thin and light with the three wheat exchanges seeing a trading range of 3 to 4 cents. Early support came from positions squaring and the rolling of positions out of the front month Dec contract into further out months. The evening up of positions added direction as traders try and get on the right side of the market ahead of the holiday and ahead of month end. Light support was due to another catch-up export sales report, this one for Oct 9. Once again wheat’s export sales pace for this week was at the top of expectations. In world news, Ukraine officials were estimating winter wheat planting at 98% complete on intended acreage.
In Wednesday’s session wheat opened mixed with Mpls and Chicago lower while KC started higher. But by the end of the night Mpls and KC were unchanged while Chiago was lower. Thin light trading dominated the overnight session with the winter wheat exchanges seeing only 3 cent trading ranges. Mpls saw a 7-cent range, mostly due to thin volume. But wheat found support once the day session started and was even able to extend session gains. Early support was due to last minute position squaring ahead of the holiday, first notice, and end of month. News that South Korea was in and bought 131 TMT of milling wheat overnight, with the US getting 91 TMT of that sale added support. IKAR is estimating Russia’s wheat production at 85 to 91 MMT, vs 88.5 MMT last year. Mpls was the wild child today. Dec Mpls saw a trading range of 34 cents while March saw a 12-cent range. Volume was light, which resulted in wide swings.
Dec MIAX MW support is $5.45, Dec CME MW support is $5.15, Dec Chicago wheat support is $5.00, Dec KC support is $5.00.
For the week, Dec Mpls MIAX was at $5.7925 up 14.25 cents, Dec Chicago was at $5.31 up 4.0 cents, Dec KC was at $5.1775 up 6.75 cents.
Wheat Weekly Comments November 28
Wheat Weekly Comments November 28
Wheat started the week by opening the session steady to higher but faded the gains early. Early selling was tied to position squaring ahead of the holiday. Light selling was tied to profit taking and the evening up of positions ahead of month end. Wheat was able to recover some of the early session losses once the day session started due to support from last week’s strong export inspections estimate. Last week’s pace was at a 5-week high. Gains were kept in check by increasing world production estimates as almost every one of the major exporting countries are seeing higher production.
Winter wheat planting progress is estimated at 97% complete vs 92% last week and 97% average. Emergence was estimated at 87% vs 79% last week and vs 89% average. Wheat conditions improved 3% to 48% g/e, 35% fair, and 17% p/vp.
Wheat opened Tuesday’s session with each of the wheat exchanges going in their own direction. Trading was thin and light with the three wheat exchanges seeing a trading range of 3 to 4 cents. Early support came from positions squaring and the rolling of positions out of the front month Dec contract into further out months. The evening up of positions added direction as traders try and get on the right side of the market ahead of the holiday and ahead of month end. Light support was due to another catch-up export sales report, this one for Oct 9. Once again wheat’s export sales pace for this week was at the top of expectations. In world news, Ukraine officials were estimating winter wheat planting at 98% complete on intended acreage.
In Wednesday’s session wheat opened mixed with Mpls and Chicago lower while KC started higher. But by the end of the night Mpls and KC were unchanged while Chiago was lower. Thin light trading dominated the overnight session with the winter wheat exchanges seeing only 3 cent trading ranges. Mpls saw a 7-cent range, mostly due to thin volume. But wheat found support once the day session started and was even able to extend session gains. Early support was due to last minute position squaring ahead of the holiday, first notice, and end of month. News that South Korea was in and bought 131 TMT of milling wheat overnight, with the US getting 91 TMT of that sale added support. IKAR is estimating Russia’s wheat production at 85 to 91 MMT, vs 88.5 MMT last year. Mpls was the wild child today. Dec Mpls saw a trading range of 34 cents while March saw a 12-cent range. Volume was light, which resulted in wide swings.
Dec MIAX MW support is $5.45, Dec CME MW support is $5.15, Dec Chicago wheat support is $5.00, Dec KC support is $5.00.
For the week, Dec Mpls MIAX was at $5.7925 up 14.25 cents, Dec Chicago was at $5.31 up 4.0 cents, Dec KC was at $5.1775 up 6.75 cents.