Dec Chgo Wheat closes 6 cents higher ($4.03), March 5 ¾ cents higher ($4.20) and July 5 ½ cents higher ($4.48 ¼)
Dec KC Wheat closes 4 ½ cents higher ($4.08 ¾), March 5 cents higher ($4.25 ¾) and July 5 cents higher ($4.49)
Weekly Wheat Export Sales – 598.4 K T. old crop vs. 400-600 K T. expected – no new crop vs. none expected
Informa suggests planted winter wheat acreage for next year will be 33.761 million acres vs. 36.137 last season
Like the rest of the Ag complex the beginning of the day session brought about another challenge of recent lows despite a decent looking export sales report. The inability to follow through to the downside started some short covering despite the continued run of new highs in the US dollar. Informa’s suggestion/reminder of lower winter wheat acres helped the short covering rally along. It does appear that the trading range affair does indeed live on (at least for another day).
Interior cash wheat markets remain dead in the water. The SRW export market is fully steady – it has not moved for a while. The export market for HRW eases a couple of cents from the earlier in the week boost. The nearby Chgo Dec/March spread continues to see-saw back and forth from 20 cents under to 16 ½ cents under. A close above 16 cents under will be viewed as a buy signal. KC spreads have an ever-so-slightly firm bias.
So the trading range affair lives on. What more needs to be said? Daily momentum indicators are trying to shift back to higher. $4.10 begins interim resistance for Dec Chgo.
Daily Support & Resistance Dec Chgo Wheat: $4.00 – $4.10 Dec KC Wheat: $4.05 – $4.16
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