Afternoon wheat: Recent Friday\'s have not been kind to wheat, as for a fifth consecutive Friday, the market ends a week lower
<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 started the night a little higher, but the market turned once trade moved into the early morning hours and steadily fell the rest of the night and much of the morning. The break finally caught at around 15 lower, leveled out and then firmed a bit into the close, before finishing three cents off its lows. </span><span style=\'font-family:\"Arial\",sans-serif;\'>Dec KC wheat futures had a firm start to its night too, but here the market did not reverse lower until after the European markets opened, but then here too, trade steadily fell the rest of the night and much of the morning. The break caught at around $5.70, but by then the damage was done, as the market had moved to new lows for the month. When combined with a huge outside day lower move on the chart which took out the past four days’ worth of trade, it makes for an important Monday. </span><span style=\'font-family:\"Arial\",sans-serif;\'>The Dec KC/Chicago spread traded three to four cents higher for the early part of the night, retreated back to unchanged, firmed again as the day session started but just could not get back to their overnight highs, before unraveling over the latter half of the day and finishing a couple cents weaker. </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 COT report Friday afternoon showed the large spec was sellers of 2,194 contracts of Chicago wheat during the week ending Oct 22, which at the time, increased their short position to 66,312 contracts. In KC, funds were buyers of 43 contracts, which at the time lowered their short position to 16,547 contracts. Managed money was sellers of 2,902 contracts of Chicago wheat, which at the time, increased their short position to 28,915 contracts. In KC, managed money bought 841 contracts, which at the time, lowered their short position to 5,647 contracts. In Mpls, managed money sold 5,070 contracts, which, at the time, increased their short position to 10,217 contracts. </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;\'>Turkey's President presented ideas to revive the UN's Black Sea grain shipping deal, Russia's Putin acknowledged receiving the proposals, but said that he's not looked them over yet. Putin further said they would not make any concessions to Ukraine, and any deal must take into account "realities" on the ground.</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;\'>Rosario Grain Exchange projects 19.5 MMT of Argentine wheat production in this upcoming season (USDA is at 18 MMT) and said exports could reach 13.3 MMT (USDA is at 11.5 MMT). If that were to happen, it would be the country’s second highest year of exports on record, only following the 21/22 marketing year which had 15.4 MMT of exports. Either way, production and exports are expected to exceed this past season’s 16 MMT of production and 8.2 MMT of exports.</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;\'>France AgriMer weekly crop report showed the country's Winter wheat planting progress moving up to 21% complete (10% last week) and compares to the five-year average pace for this time of 47% complete. </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;\'>For the week ending October 19, it marked only the second time since July that US weekly grain movements were below the same week last year and below average. Low water caused multiple barge tow groundings near Hickman, KY. Dredges continue to work various locations along the Mississippi River to prevent further groundings. For now, Mississippi River tow sizes have been reduced as follows: from Cairo, IL, to Hickman, KY, down 14 to 46 percent (5 to 21 barges); from Hickman, KY to Greenville, MS, down 14 to 34 percent (5 to 16 barges); and from Greenville, MS, to the Gulf, down 9 to 17 percent (4 to 5 barges).</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>