Wheat Slipping After Slow Export Sales

The wheat complex is trading with weakness across the three markets at midday. Chicago SRW futures are 6 1/2 cents lower in the March contract. There were another 5 deliveries issued against December CBT wheat overnight. KC HRW contracts are down 6 ½ to cents on the day. MPLS spring wheat are down 5 ¾ cents in the March contracts.

The weekly Export Sales report showed 290,236 MT of wheat sold in the week of 12/5, on the lower end of the estimates running between 275,000 and 600,000 MT. That was an 11-week low for sales and was down 23.27% from last week. Sales were spread out, with the Philippines buying 92,000 MT and Mexico in for 73,700 MT

Japan purchased a total of 112,889 MT of wheat from Australia, Canada, and the US, with 58,986 MT US specific. Saudi Arabia has issued a tender to buy 595,000 MT of wheat, with offered due on Friday.

This article has been republished from The Nasdaq.