All three wheat exchanges opened the session higher to start the week with the winter wheat exchanges gapping higher while Mpls opened with small gains. Wheat was able to extend session gains throughout the session with support spilling over from the other grains. Light support came from comments from Bessent stating China was willing to increase purchases of US ag products, which traders hope wheat is included. Mpls gains were kept in check by news that Trump cancelled all trade negotiations with Canada and increased their tariffs by 10%. Wheat gains were kept in check from reports that Argentina has the best soil moisture profile in 5 years. Last week’s wheat shipments’ pace was disappointing, coming in at the bottom of expectations and at an 18-month low.
Wheat opened Tuesday’s session lower in all three exchanges but managed to shake off the selling pressure to post small gains by early morning. Buying spilled over from the other grains as both corn and soybeans saw solid gains early as well. Light support also came from the recently imposed sanctions against Russia which is making it a little more difficult for Russia to export product. Estimates have winter wheat seeding at 83% complete, up 9% from last week. Ukraine officials are estimating seeding progress at 81% complete. Wheat remains a follower to the other grains and once corn and soybeans trimmed gains late in the session, wheat followed suit.
Wheat opened Wednesday’s session mixed with Mpls wheat and Chicago lower while KC was slightly higher. All three exchanges were able to push higher and post small gains by the close of the night session. Gains were extended once the day session started with wheat leading the grains for most of the morning session. Selling stepped in late in the session, pulling wheat to trade with losses for the second half of the session. Early support came from continued concerns on Russia’s ability to export wheat due to the increased sanctions that were implemented a few weeks ago. Support also came from reports that Ukraine wheat exports are not keeping up to last year’s pace. To date Ukraine has only exported 6.15 MMT of wheat vs 7.69 MMT for last year at this time. Late session pressure came from the other grains as corn and soybeans struggled due to profit taking and position squaring ahead of the big meeting.
In Thursday’s session wheat opened mixed with Mpls and Chicago higher while KC was lower. All three exchanges saw selling increase in the overnight session and by the end of the night all three were posting heavy losses. Early selling spilled over from pressure from the other grains as both corn and soybeans saw early selling pressure from buy the rumor sell the fact type trading. The lack of specifics on the trade deal with China added early selling pressure. Wheat remained under selling pressure throughout the day session due to profit taking and the lack of inclusion in the recent trade deal with China. Light selling was tied to news that South Korea millers were tendering for wheat out of Canada, passing on the US due to price.
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.
Last week’s wheat export shipments pace was estimated at 9.5 MB. After 21 weeks, wheat shipments were at 47% of USDA’s expectations vs. 43% last year. With 31 weeks left in wheat’s export marketing year, shipments need to average 15.4 MB to make USDA’s projection of 900 MB.
For the week, Dec Mpls MIAX was at $5.53 down 4.0 cents, Dec Chicago was at $5.34 up 21.5 cents, Dec KC was at $5.245 up 23.0 cents.
For the month, Dec Mpls MIAX was down 9.75 cents, Dec Chicago was up 26.0 cents, Dec KC was up 26.75 cents.
Wheat Weekly Comments October 31
Wheat Weekly Comments October 31
All three wheat exchanges opened the session higher to start the week with the winter wheat exchanges gapping higher while Mpls opened with small gains. Wheat was able to extend session gains throughout the session with support spilling over from the other grains. Light support came from comments from Bessent stating China was willing to increase purchases of US ag products, which traders hope wheat is included. Mpls gains were kept in check by news that Trump cancelled all trade negotiations with Canada and increased their tariffs by 10%. Wheat gains were kept in check from reports that Argentina has the best soil moisture profile in 5 years. Last week’s wheat shipments’ pace was disappointing, coming in at the bottom of expectations and at an 18-month low.
Wheat opened Tuesday’s session lower in all three exchanges but managed to shake off the selling pressure to post small gains by early morning. Buying spilled over from the other grains as both corn and soybeans saw solid gains early as well. Light support also came from the recently imposed sanctions against Russia which is making it a little more difficult for Russia to export product. Estimates have winter wheat seeding at 83% complete, up 9% from last week. Ukraine officials are estimating seeding progress at 81% complete. Wheat remains a follower to the other grains and once corn and soybeans trimmed gains late in the session, wheat followed suit.
Wheat opened Wednesday’s session mixed with Mpls wheat and Chicago lower while KC was slightly higher. All three exchanges were able to push higher and post small gains by the close of the night session. Gains were extended once the day session started with wheat leading the grains for most of the morning session. Selling stepped in late in the session, pulling wheat to trade with losses for the second half of the session. Early support came from continued concerns on Russia’s ability to export wheat due to the increased sanctions that were implemented a few weeks ago. Support also came from reports that Ukraine wheat exports are not keeping up to last year’s pace. To date Ukraine has only exported 6.15 MMT of wheat vs 7.69 MMT for last year at this time. Late session pressure came from the other grains as corn and soybeans struggled due to profit taking and position squaring ahead of the big meeting.
In Thursday’s session wheat opened mixed with Mpls and Chicago higher while KC was lower. All three exchanges saw selling increase in the overnight session and by the end of the night all three were posting heavy losses. Early selling spilled over from pressure from the other grains as both corn and soybeans saw early selling pressure from buy the rumor sell the fact type trading. The lack of specifics on the trade deal with China added early selling pressure. Wheat remained under selling pressure throughout the day session due to profit taking and the lack of inclusion in the recent trade deal with China. Light selling was tied to news that South Korea millers were tendering for wheat out of Canada, passing on the US due to price.
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.
Last week’s wheat export shipments pace was estimated at 9.5 MB. After 21 weeks, wheat shipments were at 47% of USDA’s expectations vs. 43% last year. With 31 weeks left in wheat’s export marketing year, shipments need to average 15.4 MB to make USDA’s projection of 900 MB.
For the week, Dec Mpls MIAX was at $5.53 down 4.0 cents, Dec Chicago was at $5.34 up 21.5 cents, Dec KC was at $5.245 up 23.0 cents.
For the month, Dec Mpls MIAX was down 9.75 cents, Dec Chicago was up 26.0 cents, Dec KC was up 26.75 cents.