Spring Wheat Futures PricesTue, Nov 24th, 2015
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Wheat futures settled 7 to 11 cents lower in CHI, and 5 to 7 cents lower in KC and MPLS. Reuters reports that wheat acreage in India has dropped off by 26% this year. Indian wheat plantings have been delayed by a week due to high temperatures. The US winter wheat crop condition improved 1 point overall on the week. NE winter wheat lost a condition rating point from last week, while KS improved a point to 47% good to excellent. KS is one point ahead of its five year average for emergence at 97% complete, while OK emergence is a point behind at 93%. The latest export prices according to the IGC show that US HRW at the Gulf is still $23/ton more expensive than French wheat. Jordan did not receive any offers on a 100,000 MT tender due to difficult terms, forcing it to retract the tender. Egypt is tendering for wheat for Dec 21-31 delivery. Results are expected tomorrow morning.
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