Wheat futures had a roller-coaster week with some contracts hitting multi-year highs before reversing course later in the week. All futures finished lower for the week. CBOT soft red winter (SRW) futures shed 6 cents to $7.66/bu. KCBT hard red winter (HRW) futures were down 7 cents to end at $7.78/bu. MGE hard red spring (HRS) futures lost 43 cents to close at $10.09/bu. CBOT corn futures were down 15 cents to $5.53/bu. CBOT soybean futures fell 43 cents to close at $11.92/bu.
Export sales improved this week, but high futures prices are curbing export demand overall and leading to slightly softer basis in both the Gulf and Pacific Northwest (PNW). As farmer selling picked up in both the Gulf and PNW this week tight elevation left little room for basis to come down more.
According to USDA, U.S. farmers have planted 87% of the total intended winter wheat area for harvest in 2022, one point ahead of the 5-year average. As of October 31, 67% of the country's wheat has emerged, led by South Dakota at 93%, Nebraska at 90% and Idaho at 85%.
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|Source: Online/TA
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