Wheat Fades Late, Maintains Gains

Afternoon trading pulled domestic wheat futures 11 to 17 cents back from the highs, but the complex was still in the black at the close. Spring wheat was the strongest on the day with 0.38% to 0.74% gains. HRW wheat ended the day up by 3 1/4 to 3 3/4 cents. SRW futures closed up by 0.5% to 0.66%. USDA’s weekly Export Sales report showed 597,088 MT of wheat was sold in the week ending 10/29. That was in line with expectations, and up 65% from the same week last year. The top buyer was unknown, followed by Taiwan and S. Korea. South Korea was also the top destination for the week’s exports, with 26% of the 319,376 MT total. Japan’s MOA purchased 91,000 MT of wheat from U.S./Canada/Australia. Saudi Arabia is on the market for 600k MT of wheat. Jordan is also tendering for 120k MT. Egypt purchased 300,000 MT of Russian wheat from their tender.

Dec 20 CBOT Wheat closed at $6.09 1/4, up 3 1/4 cents,

Dec 20 KCBT Wheat closed at $5.63, up 3 1/4 cents,

Dec 20 MGEX Wheat closed at $5.61, up 4 cents,

--- provided by Brugler Marketing & Management




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