Afternoon wheat: The wheat complex bounces back from a defensive overnight to finish mixed
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\"><p id=\"isPasted\" style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><strong><em><u><span style=\'font-family:\"Arial\",sans-serif;color:red;\'>Futures:</span></u></em></strong></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>Chicago Dec wheat futures rebounded from an overnight session that saw trade fall to almost ten cents lower, rally through the early morning which peaked at seven cents higher, then weaken a bit into the close but still posted slight gains. </span><span style=\'font-family:\"Arial\",sans-serif;\'>Dec KC wheat traded similarly to Chicago in that futures rebounded from a defensive overnight session. Here, trade fell to nine cents lower, but the mid-morning rally only peaked at four cents higher, so when futures set back late, trade moved back lower on the day and the market finished slightly lower. </span><span style=\'font-family:\"Arial\",sans-serif;\'>The Dec KC/Chicago spread saw mixed overnight price action, but fell apart once the day session started, with trade weakening all day and finishing right on their session’s lows. Today’s lower close snaps a string of five consecutive higher closes, but despite the lower board, price action stayed within last Friday’s large trading range for a third straight day. </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>Weekly export sales will be out in the morning. Looking for a HUGE report, especially for corn. There were several sales announcements last week, in total, 599 TMT of soybeans, 2.378 MMT of corn (of which 579 TMT was new crop), 120 TMT wheat and 20 TMT of bean oil. Last week wheat sales were solid again, coming in at 504 TMT, which was slightly better than the week prior. And they should be good again tomorrow. There was plenty of Global demand around, Taiwan bought some US, we had the sales announcement to Mexico, and we always have our usual trade partners. Look for between 500 and 700 TMT. </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><strong><em><u><span style=\'font-family:\"Arial\",sans-serif;color:red;\'>Headline news:</span></u></em></strong><span style=\"color:black;\"> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>The North Dakota Wheat Commission, US Durum Growers and Northern Canola Growers will host the 2024 Crop Outlook and International Durum Forum in Minot, ND on Nov 6 and 7.</span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>A McDonald's spokesperson said the USDA is continuing their trace back to determine whether beef is the source of E. Coli illnesses. The company was notified late last week of the outbreak. For now, McDonald's has removed the suspected beef and sliced onions (which is the other potential source) from their stores.</span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>Kazakhstan’s overall grain harvest has just about wrapped up. Their gov’t hopes to resolve its issues with Russia in the near future, as they have restricted transit of Kazakhstan grain, but the Deputy Trade minister did project wheat exports of between 7 and 7.5 MMT this marketing year, which is well below the USDA’s estimate of 10.5 MMT of wheat exports in 24/25. </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;\'><strong><em><u><span style=\'font-family:\"Arial\",sans-serif;color:red;\'>Export business around this week:</span></u></em></strong><span style=\"color:black;\"> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>Tunisia bought 125 TMT of soft milling wheat in their tender that closed today. They reportedly paid $262.88/mt C&F for 50 TMT, $263.34/mt C&F for 25 TMT and $264.00/mt C&F for the final 50 TMT. In their prior tender a month ago, Tunisia paid $245.83/mt C&F for 125 TMT. </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>Jordan passed on all eight offers in their 120 TMT milling wheat tender, not making a purchase. </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>Bangladesh is in for 50 TMT of milling wheat. The lowest offer is thought to be $301.88/mt liner out, with other offers ranging from $303.20/mt up to $306.75/mt C&F.</span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>Oct 29 Jordan is in for 120 TMT of opt origin milling wheat.</span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'> </span></p><p style=\'margin:0in;font-size:12pt;font-family:\"Times New Roman\",serif;text-align:justify;\'><span style=\'font-family:\"Arial\",sans-serif;\'>Nov 7 Bangladesh is in for another 50 TMT of milling wheat.</span></p></div>