Wheat Futures Market News and Commentary
Despite some consolidation at midday, wheat futures closed mixed. CBT SRW futures were down 2 1/2 to 4 1/2 cents on the day. Carry from Sept SRW to Dec is 9 3/4 cents, with another 7 1/4 cents to March. KC HRW futures ended the session with gains of 1 1/4 to 2 1/4 cents. Spring wheat prices fell through the afternoon, with Sept turning red in the last half hour. The other nearby spring wheat futures ended fractionally to 3 3/4 cents in the black. That tightened the inverses, with Dec a 10 1/4 cent discount to Sept going home, and March another 11 1/4 cents below that.
Strategie Grains sees the French wheat crop at 37.5 MMT. Morrocco estimated their crop at 7.54 MMT, citing area expansion leading to the 2nd largest harvest on record (behind 2015). The Ag Attache estimated Australia’s wheat crop at 20.8 MMT, which is above the official July figure of 20.5 but is still down from 33 MMT last season. The EU Monitoring Agricultural Resources unit (MARS) noted wheat quality concern... Read more