 U.S. wheat markets will be closed on Thursday, November 23, in observance of the U.S. Thanksgiving holiday. Wheat markets ended the week mixed following Monday’s (Nov. 20) drop to new contract lows for all wheat futures. December 2023 CBOT soft red winter (SRW) futures were up 5 cents on the week, closing at $5.56/bu. KCBT hard red winter (HRW) futures were down 4 cents, at $6.14/bu. MGEX hard red spring (HRS) futures were down 5 cents at $7.11/bu. CBOT corn futures were up 2 cents for the week at $4.69/bu. CBOT January soybean futures were up 16 cents, at $13.57/bu.   Basis levels ended the week unchanged. Markets remain quiet this week ahead of the U.S. Thanksgiving holiday. Farmer sales remain light, anticipating the holiday and the recent decrease in wheat futures prices. U.S. winter wheat conditions held steady from last week and remain much improved at the same time in 2022. Winter wheat rated good to excellent was 48%, up just one point from the previous week and 16 percentage points over 2022. Winter wheat emergence increased by 6% to 87%, sitting two percentage points above the 5-year average. Read more here.  Commercial Sales Due to the Thanksgiving holiday, the next U.S. Export Sales Report will be released on Friday, November 24, 2023. For the week ending November 9, net U.S. commercial sales of 176,300 metric tons (MT) were reported for delivery in 2023/24. Year-to-date 2023/24 commercial sales totaled 11.89 million metric tons (MMT). USDA expects 2023/24 U.S. wheat exports of 19.05 MMT, and commitments to date are 62% of total projected exports. View the most recent USW Commercial Sales report here.   Dry weather prevailed across much of the U.S. wheat-growing regions, while above-normal temperatures were recorded across much of the Northern and Central Plains.   On November 14, U.S. Agency for International Development and the U.N. World Food Program food aid shipments to Ethiopia resumed after a five-month suspension. USDA reported sales of 110,000 MT of SRW to China on November 22. The marks the third large purchase of SRW by China in the last two months. Baltic and U.S. Dollar Indices The Baltic Dry Index (BDI), which assesses the average cost of shipping raw materials such as grains, coal, and iron ore, decreased to 1,796. The U.S. Dollar Index was down to 103.6 this week, a 2% decrease from the week prior. Recent data has shown signs that the U.S. economy has begun to slow. U.S. consumer prices were unchanged in October; however, the sentiment from the Federal Reserve still suggests rates will remain elevated. View past Price Reports on our website here. |
Nov 24
US Wheat Associates Weekly Price Report – November 22, 2023
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