Wheat (P) Futures PricesWed, Jul 27th, 2016
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Wheat futures settled within 1 3/4 cents on either side of even money on Wednesday, with the SRW market slightly lower, but the HRS market slightly higher. Average Ukrainian wheat yields through 63% of harvest are running at 58.3 bu/ac, higher than the 53.9 bu/ac average yield at this time last year. Due to the higher yields, UkrAgroConsult raised their 2016/17 Ukrainian wheat production estimate by 1.5 MMT to 24.8 MMT (USDA: 25 MMT). EU wheat production in 2016/17 will be 154.5 MMT per the local ag attache, versus the official USDA July estimate of 156.5 MMT. Exports from the EU are predicted by post to be 3.5 MMT lower than the official USDA estimate, at 30.5 MMT. This year’s French wheat production is forecasted by Orama, a grain growers group in France, to be 30 MMT. A survey of trade analysts shows that 400,000 to 600,000 MT of export sales are expected to be reported in tomorrow morning’s USDA Export Sales report. The report will be published at 7:30 AM CDT, and is for the week ending July 21.
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