Hard Red Wheat Sep '22 (KEU22)
Hard Red Wheat Futures Market News and Commentary
The wheat complex was mixed to start the week. Chicago SRW led the way to the upside, with contracts 2 to 5 ¼ cents higher. KC HRW saw mixed action, with front months down ½ to 1 ½ cents and deferred contracts ½ to 1 ¾ cents higher. MPLS spring wheat was the lagger, down 3 ¾ to 6 ¼ cents.
The weekly Export Inspections report from FGIS indicated wheat shipments at 603,549 MT in the week that ended on August 4. That was nearly double the week prior but down 7.7% from the same week in 2021. Shipments through the first 2 months of the new MY at 3.5 MMT, down 21.2% from last year.
USDA’s NASS tallied the US winter wheat harvest at 86% complete as of 8/7, 5% below normal. The spring wheat harvest was reported at 9% done, lagging the average pace by 10%. Crop ratings of the northern crop were at 64% gd/ex a drop of 6% on the week. Translated to the Brugler500 index, the crop was down 8 points to 364.
Russia’s IKAR increased their country’s 2022 wheat production estimate... Read more
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