US Wheat Daily Commentary for Nov 13: Prices Continue to Rise
US Wheat Daily Commentary for Nov 13: Wheat Extends Gains
On Friday, wheat futures on the three US wheat markets closed higher, extending the recent rally, mainly due to fund buying.
The CBOT December contract rose 7.25 cents to close at 539 cents/bushel, up 41.75 cents for the week.
The KCBT December contract rose 5.50 cents to close at 540.50 cents/bushel.
The MGE December contract rose 7.25 cents to close at 555.75 cents/bushel.
Commodity funds bought 3,000 contracts in the CBOT soft red winter wheat market. The wheat market received strong support in late trading from fund buying and technical buying.
A trader said that after the recent gains, the technical picture for the CBOT wheat market is favorable. However, because global wheat supplies are ample and export demand is weak, the fundamentals for the wheat market remain bearish.
The wheat market opened higher and moved higher, reversing the decline in overnight trading and staying in an uptrend throughout the day.
A broker said the wheat market will continue to watch the neighboring corn and soybean markets for direction. On Friday, the corn market closed flat, while the soybean market closed lower.
The market is still talking about US corn quality problems. Problems with corn quality are favorable for wheat, because wheat can also be used as feed.
This week, the KCBT December contract rose 39.50 cents.
Wheat market trading was sluggish, with volume on the low side. The US Department of Agriculture will release its latest crop weekly report next Monday. The US Department of Agriculture said that as of Nov 8, winter wheat planting was 86% complete, below the five-year average pace of 93%.
According to the latest weekly export sales report released by the US Department of Agriculture, in the week ending Nov 5, US wheat export sales totaled 412,200 tonnes, within market expectations, 45% above the previous week but 5% below the four-week average.
Because US wheat faces fierce competition in the international wheat export market, US wheat export sales have remained sluggish.
The CBOT December contract rose 7.25 cents to close at 539 cents/bushel, up 41.75 cents for the week.
The KCBT December contract rose 5.50 cents to close at 540.50 cents/bushel.
The MGE December contract rose 7.25 cents to close at 555.75 cents/bushel.
Commodity funds bought 3,000 contracts in the CBOT soft red winter wheat market. The wheat market received strong support in late trading from fund buying and technical buying.
A trader said that after the recent gains, the technical picture for the CBOT wheat market is favorable. However, because global wheat supplies are ample and export demand is weak, the fundamentals for the wheat market remain bearish.
The wheat market opened higher and moved higher, reversing the decline in overnight trading and staying in an uptrend throughout the day.
A broker said the wheat market will continue to watch the neighboring corn and soybean markets for direction. On Friday, the corn market closed flat, while the soybean market closed lower.
The market is still talking about US corn quality problems. Problems with corn quality are favorable for wheat, because wheat can also be used as feed.
This week, the KCBT December contract rose 39.50 cents.
Wheat market trading was sluggish, with volume on the low side. The US Department of Agriculture will release its latest crop weekly report next Monday. The US Department of Agriculture said that as of Nov 8, winter wheat planting was 86% complete, below the five-year average pace of 93%.
According to the latest weekly export sales report released by the US Department of Agriculture, in the week ending Nov 5, US wheat export sales totaled 412,200 tonnes, within market expectations, 45% above the previous week but 5% below the four-week average.
Because US wheat faces fierce competition in the international wheat export market, US wheat export sales have remained sluggish.