World Wheat News: U.S. futures mixed

Wheat futures in the U.S. settled mixed on Tuesday. Minneapolis and Kansas City contracts were underpinned by weather-related planting issues in the Black Sea region and solid export demand.

Chicago soft wheat contracts, meanwhile, were pulled down by declines in corn. Technical resistance also weighed on the Chicago futures.

Prices in US$ per bushel:

CBOT wheat Dec 6.9350 dn 0.0125
Mar 7.0350 dn 0.0100
MGEX spring wheat Dec 7.5325 up 0.0300
Mar 7.6225 up 0.0275
KCBT red wheat Dec 7.6050 up 0.0400
Mar 7.5900 up 0.0300

French wheat exports in the first two months of the 2013-14 marketing year, which began in July, are up 17 per cent compared the same period the previous year, according to customs data showing that the country exported 2.6 million tonnes of soft wheat in July and August. Algeria was the largest customer for French wheat.

Kazakhstan’s wheat harvest was 90 per cent complete as of Oct. 8, with 18.5 million tonnes harvested to date, according to a report from the country’s agriculture ministry. The harvest progress compares to the previous year when 99 per cent of the wheat crop was harvested by this point, but production was only at 14.1 million tonnes.

Farmers in England may plant a record winter wheat crop this fall, with trade estimates topping two million hectares, according to reports from the country. Drier weather conditions were conducive to planting wheat, with feed varieties the most prevalent. –– Commodity News Service Canada

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