Chicago Close: Wheat Up on Export Demand

Wheat futures ended strongly higher in an abbreviated trading session Friday, boosted by strong export demand.

Wheat gained as this morning’s delayed USDA weekly export sales report tallied a marketing year high 795,698 tonnes of wheat sales during the week ended Nov. 19. That was well above last week’s marketing year low almost 30% larger than the same week last year. Advances in both corn and soybeans added to the upside in wheat. December Chicago gained 8 ¼ cents to $5.96 ½, December Kansas City jumped 17 ¾ cents to $5.61 ½ and December Minneapolis added 7 ¼ cents to $5.50 ¾.

The Chicago markets closed early today, following Thursday’s US Thanksgiving holiday.

Soybeans were higher on continued dryness in South America where big crops are needed in 2020-21 to help satisfy world demand amid tightening US supplies. On the other hand, the weekly export sales report indicated just 768,071 tonnes of soybean sales for the week ending last Thursday. That was on the lower end of estimates, and a marketing year low. January soybeans gained 7 ¾ cents to $11.91 ¾ and March was 7 cents higher at $11.92 ¾.

Corn was lifted by strong export demand. Private exporters this morning reported 302,160 tonnes of corn to Mexico via the USDA mandatory reporting system. Meanwhile, the export sales report tallied corn bookings at 1.66 million tonnes for the week ending Nov. 19, above the range of expectations. December corn climbed 5 ½ cents to $4.25 ½ and March was 6 ¼ cents higher at $4.33 ¾.

Live cattle and lean hog futures both closed lower today.

Source: DePutter Publishing Ltd.

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