Wheat Falls Back on Thursday

Front month wheat futures gave some more back. At the closing bell, CBT wheat futures were down 7 to 8 cents. KC wheat closed the Thursday session 8 3/4 to 9 1/2 cents lower. HRS futures were down 5 1/2 to 8 cents on the day. USDA announced a private export sale for 130,000 MT of soft white wheat to South Korea with 2020/21 delivery. From the weekly Export Sales report, USDA data had 367,455 MT of wheat sold in the week ending 10/15. That was down 30% wk/wk but still up 40% from the same week last year. Shipments on the week were 192,145 MT, bringing MYTD exports to 10.19 MMT (374.4 mbu). USDA’s Ag Attaché has Ukrainian wheat production 8% below USDA’s official estimate at 24.972 MMT respectively. The Ag Attaché also sees tighter carryin stocks, reducing Ukraine’s 2020/21 ending stocks to 905,000 MT. Algeria purchased 720,000 MT of wheat in the international tender. Japan purchased 80,526 MT – with 29,217 U.S. origin. Egypt is tendering for wheat, with results expected tomorrow.

Dec 20 CBOT Wheat closed at $6.22 3/4, down 7 cents,

Dec 20 KCBT Wheat closed at $5.60 1/4, down 9 1/2 cents,

Dec 20 MGEX Wheat closed at $5.74 1/2, down 8 cents,

--- provided by Brugler Marketing & Management

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