To start the week wheat opened the session steady in the winter wheat exchanges and lower in Mpls. Winter wheat was able to firm and trade with small gains during the night while Mpls continued to hover around unchanged. Once the day session started, wheat turned mixed with Mpls holding small gains while the winter wheat exchanges faded lower. Losses were trimmed by spill over buying from a firm corn market. Gains were trimmed late in the session due to forecasts calling for warm dry conditions, which should help advance winter wheat planting.
Wheat opened Tuesday’s session mixed with Chicago wheat higher while KC and Mpls started in the red. Expectations of good planting progress pressured KC while Mpls was under pressure from lack luster demand. Selling was also due to reports Ukraine now has 49% of their wheat planted vs 30% last week. All three wheat exchanges faded early gains and extended session losses during the day session due to spill over selling from a lower corn market.
Although the Oct Crop Production/WASDE report will not be released Oct 9, trade estimates have wheat stocks estimated at 875 MB vs 844 MB last month. World wheat stocks are estimated at 265.7 MMT vs 264.1 MMT last month.
Wheat opened Wednesday’s session steady to higher but slipped to trade with minor losses during the night session. Early selling was tied to lack luster demand and improving production estimates for a majority of the world’s leading exporting countries. A strong US dollar added pressure as the dollar has rallied over a cent this week. Technical buying was also evident as wheat bounced off recent contract lows. Since Sept, Dec Mpls has seen a trading range of 26 cents (high of $5.775, low of $55125). Dec Chicago has a trading range of 33 cents while Dec KC’s range is 36 cents.
In Thursday’s session wheat opened mixed with Mpls lower while the two winter wheat exchanges started higher. By the end of the night session all three wheat exchanges were higher. By the end of the day session Mpls was higher while winter wheat was lower. Early support came from reports that an early snow in Siberia could reduce the potential Russian wheat crop. Light support came from reports Russia is trimming wheat acreage 6% in 2025. Gains were trimmed in the winter wheat exchanges from Rosario Grain’s increased production estimate for Argentina wheat. Their new estimate came in at 23 MMT vs 20 MMT previously. EU’s crop consultant Expena also increased EU’s soft wheat production to an all-time record 136.4 MMT vs 136.1 MMT previously.
Dec MIAX MW support is $5.65, Dec CME MW support is $5.25, Dec Chicago wheat support is $5.00, Dec KC support is $5.00.
For the week, Dec Mpls MIAX was at $5.5175 down 8.0 cents, Dec Chicago was at $4.985 down 16.75 cents, Dec KC was at $4.83 down 14.0 cents.
Wheat Weekly Comments October 10
Wheat Weekly Comments October 10
To start the week wheat opened the session steady in the winter wheat exchanges and lower in Mpls. Winter wheat was able to firm and trade with small gains during the night while Mpls continued to hover around unchanged. Once the day session started, wheat turned mixed with Mpls holding small gains while the winter wheat exchanges faded lower. Losses were trimmed by spill over buying from a firm corn market. Gains were trimmed late in the session due to forecasts calling for warm dry conditions, which should help advance winter wheat planting.
Wheat opened Tuesday’s session mixed with Chicago wheat higher while KC and Mpls started in the red. Expectations of good planting progress pressured KC while Mpls was under pressure from lack luster demand. Selling was also due to reports Ukraine now has 49% of their wheat planted vs 30% last week. All three wheat exchanges faded early gains and extended session losses during the day session due to spill over selling from a lower corn market.
Although the Oct Crop Production/WASDE report will not be released Oct 9, trade estimates have wheat stocks estimated at 875 MB vs 844 MB last month. World wheat stocks are estimated at 265.7 MMT vs 264.1 MMT last month.
Wheat opened Wednesday’s session steady to higher but slipped to trade with minor losses during the night session. Early selling was tied to lack luster demand and improving production estimates for a majority of the world’s leading exporting countries. A strong US dollar added pressure as the dollar has rallied over a cent this week. Technical buying was also evident as wheat bounced off recent contract lows. Since Sept, Dec Mpls has seen a trading range of 26 cents (high of $5.775, low of $55125). Dec Chicago has a trading range of 33 cents while Dec KC’s range is 36 cents.
In Thursday’s session wheat opened mixed with Mpls lower while the two winter wheat exchanges started higher. By the end of the night session all three wheat exchanges were higher. By the end of the day session Mpls was higher while winter wheat was lower. Early support came from reports that an early snow in Siberia could reduce the potential Russian wheat crop. Light support came from reports Russia is trimming wheat acreage 6% in 2025. Gains were trimmed in the winter wheat exchanges from Rosario Grain’s increased production estimate for Argentina wheat. Their new estimate came in at 23 MMT vs 20 MMT previously. EU’s crop consultant Expena also increased EU’s soft wheat production to an all-time record 136.4 MMT vs 136.1 MMT previously.
Dec MIAX MW support is $5.65, Dec CME MW support is $5.25, Dec Chicago wheat support is $5.00, Dec KC support is $5.00.
For the week, Dec Mpls MIAX was at $5.5175 down 8.0 cents, Dec Chicago was at $4.985 down 16.75 cents, Dec KC was at $4.83 down 14.0 cents.