Wheat Futures Higher in Early Tuesday Trading
Related Stocks
 ZWK24 - Wheat
SymLastChgPct
ZWK24560-2s+12-6+2.33%
KEK24585-2s+7-0+1.21%
MWK24645-0s-6-0-0.92%

Wheat prices were initially a penny to the downside overnight, but are up 1 to 5 cents going into the morning break.  On Monday, wheat markets closed mostly lower, led by HRW. For KC wheat, prices gave back 2 to 3 cents by the close. For CBT SRW, the board was mixed at the bell as new crop closed a penny and 3/4 higher while old crop gave back as much as 2 1/4 cents. Spring wheat closed weaker, though front month losses were limited to a penny. 

Ahead of USDA’s October WASDE, the trade is looking for a 33.5 mbu tighter wheat carryout. If realized, that would leave stocks at 581.5 mbu. Survey respondents estimate world wheat stocks at 281 MMT going into the monthly WASDE update next Tuesday. USDA’s previous shot at world wheat stocks called for 21/22 carryout to total 283.2. The full range of trader responses calls for between 278 and 284.5 MMT. 

The weekly Export Inspections report and Crop Progress data will also be released today, delayed by Monday’s federal holiday. Russian analysis firms indicate that internal wheat prices there have risen 13 weeks in a row.  

Dec 21 CBOT Wheat  closed at $7.31 3/4, down 2 1/4 cents, and up 1 ½ this morning

Cash SRW Wheat  was $6.79 ¾ on Monday, down 2 1/8 cents,

Dec 21 KCBT Wheat  closed at $7.34 1/2, down 3 cents, and up 1 ½ this morning

Cash HRW Wheat  was $7.09 1/8 on Monday, down 3 1/8 cents,

Dec 21 MGEX Wheat  closed at $9.45 1/2, down 1 cent, and up 5 ½ this morning




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