Hard Red Wheat Futures Market News and Commentary
The front month wheat futures are trading on both sides of UNCH at midday. Both the Chicago SRW and MGE HRS futures are fractionally mixed, while KC is trading 3 to 3 ½ cents in the red through Tuesday.
Analysts are looking for NASS to show 1.77 bbu of Sep wheat stocks in the quarterly report. That would be 7 mbu tighter yr/yr on a 26 mbu tighter supply via WASDE. Also to be reported on Friday, analysts are looking for a 2 mbu reduced production outlook for wheat. The average trade guess is to see 1.732 mbu, though estimates range from 1.689 bbu to 1.757.
Ukraine’s Ag Ministry reported winter wheat planting reached 1.02m HA as of 9/26. That is 64% ahead of last year, mainly reflecting a larger area dedicated to wheat.
NASS reported winter wheat planting was 26% finished as of 9/24. That was 11% points further along for the week, but remains 3% points behind the average. KS planting was 18% planted – compared to 37% on average. The weekly update showed 7% was em... Read more