The wheat complex posted gains across the three markets on Tuesday following a USDA stocks reduction. Chicago SRW futures were 3 to 5 1/4 cents higher across most contracts with Dec up ¾ cent. KC HRW contracts were up 3 3/4 to 7 cents on the day. MPLS spring wheat was steady to 3 1/2 cents higher at the close.
The monthly WASDE report gave the bulls a somewhat friendly surprise as US wheat exports were up 25 mbu to 850, with imports up 5 mbu. US ending stocks were down 20 mbu to 795 mbu as a result, vs. the trade looking for the number to remain steady. Despite the tighter US number, the world stocks were 0.31 MMT higher at 257.88 MMT. Much of that was due to a 1.16 MMT increase to carryover, as EU production was down 1.3 MMT.
Japan has issued a weekly tender for 112,889 MT of wheat from the US, Canada, and Australia, with 58,986 MT US specific. The EU commission shows the marketing year to date (since July 1) soft wheat exports at 10.24 MMT as of December 8, compared to the 14.41 MMT from last year.
Dec 24 CBOT Wheat closed at $5.42, up 3/4 cent,
Mar 25 CBOT Wheat closed at $5.61 3/4, up 3 cents,
Dec 24 KCBT Wheat closed at $5.49 1/4, up 7 cents,
Mar 25 KCBT Wheat closed at $5.65 3/4, up 7 cents,
Dec 24 MGEX Wheat closed at $5.82 1/4, unch,
Mar 25 MGEX Wheat closed at $6.06 1/2, 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- Do We Have to Wait Until Next Year for a Recovery in Wheat?
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