Wheat Futures Market News and Commentary
The wheat market is currently back in the red after a bounce on Tuesday. CBT SRW futures are 5 to 6 ¼ cents in the red. KC HRW is trading down by as much as 1.6% through midday. MGE HRS futures are down 7 to 10 ½ cents at midday.
Trader estimates for the weekly Export Sales report range from 250,000 MT and 600,000 MT during the week that ended 9/28. Survey respondents are looking for less than 25k MT for new crop wheat business.
Ukraine’s Ag Ministry reported 2.99m HA for winter grains. That included 1.7m HA of winter wheat - +58% from last year.
Interfax reported Russian grain exports at 17.7 MMT for the MY through 9/21, which includes 13.5 MMT of wheat. Ukraine’s current wheat production estimate is 21.7 MMT, a bit below the 22.5 MMT USDA is using.
Dec 23 CBOT Wheat closed at $5.60, down 8 1/2 cents,
Mar 24 CBOT Wheat closed at $5.89, down 8 3/4 cents,
Cash SRW Wheat was $4.76, down 8 1/2 cents,
Dec 23 KCBT Wheat closed at... Read more