Wheat exports were good, up near the upper end of expectations at 478 thousand tons.
That is well above the level needed to reach the USDA export forecast.
Wheat: Weekly Export Sales
Wheat Charts
Wheat: Weekly Export Sales
Wheat was very disappointing at 156 thousand tons, but we have had a couple very good weeks over the last month over 500 thousand tons.
Wheat exports are running very close to the level needed to reach the USDA forecast.
Wheat: Weekly Export Sales
Wheat sales down from last week but 348 thousand tons is still above the level needed to reach the USDA forecast.
USDA’s estimates for wheat exports are only 775 million bushels, that tied for the lowest number in 15-20 years.
Wheat: Weekly Export Inspections
Wheat came in at a marketing year low of 4.6 million bushels, in fact the lowest number we’ve seen over the last 6 years.
The good news is our wheat inspections were good in late July-September, therefore year to date inspections is only down .5% versus USDA down 3.1%.
December KC Wheat Chart
Wheat prices have also turned lower with the technical indicators pointed lower but close to becoming over sold.
Wheat looks negative on the chart, but we did close at 9.44 which was 15 cents off the daily low.
Wheat: Weekly Export Inspections
Wheat exports down form last week at 24 million bushels but still a good level and well above the level needed to reach the USDA export forecast.
U.S. Wheat Production 2022
Hard red winter wheat down 42 million bushels from last month, soft red winter wheat down 42 million bushels from last month, white wheat down 3 million, spring wheat down 35 million bushels, and durum down 11 for a crop of 1.65 million bushels.
Wheat was down 133 million bushels from the August and September crop reports.
December KC Wheat Chart
Wheat prices did bounce off chart support very nicely, a big up day in the wheat market.
The overall U shape bottom is still intact, we believe the market is likely going to target the $10, maybe the 10.10 range.
From there we will see if there is enough bullish news to keep the market going.