Wheat Market Recap Report for 11/26/2010
December Wheat finished up 3/4 at 648 1/4, 6 off the high and 2 3/4 up from the low. March Wheat closed up 2 at 687 1/4. This was 4 1/4 up from the low and 5 1/2 off the high. March wheat started higher in the overnight session and then traded mostly sideways through the remainder of that session. Prices pushed above the overnight highs into the start of the day session despite a substantial rally in the dollar overnight, but the market trimmed its gains into late morning. The March contract remained in a very narrow trading range into late morning on light volume during a holiday-shortened session. Weather forecasts remain dry for the Plains and the Midwest through much of this weekend, with some light and scattered moisture possible in parts of the western Plains starting Sunday. However, the region needs far more moisture to alleviate the moisture shortfall of recent weeks. This week’s export sales for wheat were strong, but they fell within the range of trade expectations. Soft red winter wheat sales jumped to 118,900 tonnes. Hard red spring sales came in at 235,200 tonnes. Net sales for wheat came in at 745,200 tonnes, all for the current marketing year. As of November 18, cumulative wheat sales stand at 66.3% of the USDA forecast for 2010/2011 versus a 5 year average of 68.2%. Sales need to average 412,000 tonnes each week to reach the USDA forecast. March Oats closed down 4 1/2 at 356. This was 2 3/4 up from the low and 5 1/2 off the high.