Wheat Faded in Afternoon but Hold Gains
Related Stocks
 ZWK24 - Wheat
SymLastChgPct
ZWK24560-2s+12-6+2.33%
KEK24585-2s+7-0+1.21%
MWK24645-0s-6-0-0.92%

Wheat markets closed off their highs on Tuesday, but still gained on the report day. CBT SRW futures were fractionally to 2 1/4 cents higher on the day. HRW prices closed with 3 3/4 to 5 1/4 cent gains on the day. Through the session, Dec contracts traded within 8 point losses and 14 cent gains. MPLS contracts held on to 7 3/4 to 9 1/2 cent gains on the wide ranged report day. 

USDA reported winter wheat planting at 60% complete. That is up from 47% last week and matches the average pace. In KS, 63% of fields were planted, which is 8% points ahead of their average pace. National emergence was at 31% as of 10/10, which is 4% points behind the average pace. 

USDA’s WASDE data showed that wheat stocks are expected to total 580 mbu come June 1 2022. The trade was looking for a carryout of 576 on average, but stocks were still down from 615 mbu estimated in Sep’s WASDE. Of the 35 mbu trim, 60 came from the known supply revisions, while feed use was trimmed 25 mbu to offset. Imports were also cut back by 10 mbu to 125 mbu. 

Globally, USDA sees 6.04 MMT of fewer wheat stocks at the end of the 2021/22 MY. Getting there, carry-in was pulled back by 4.2 MMT and production was dropped by 4.41 MMT. Demand was reduced by 2.58 MMT to offset. The production cuts stemmed from Canada (-2 MMT), U.S. (-1.4), and Iran (-1.5 MMT). Projected Russian ending stocks were tightened 500,000 MT. 

Dec 21 CBOT Wheat  closed at $7.34, up 2 1/4 cents,

Cash SRW Wheat  was $6.81 1/1, up 2 1/4 cents,

Dec 21 KCBT Wheat  closed at $7.39 3/4, up 5 1/4 cents,

Cash HRW Wheat  was $7.14 1/1, up 5 7/8 cents,

Dec 21 MGEX Wheat  closed at $9.55, up 9 1/2 cents,




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