Wheat Futures Market News and Commentary
Wheat markets ended the Friday session mixed. CBT SRW futures closed with 2 3/4 to 6 1/4 cent gains. December rallied 15 cents from Friday to Friday. KC wheat futures faded back from their midday gains to close fractionally to 1 3/4 cents in the red. From Friday to Friday Dec HRW was still 6 3/4 cents higher. Spring wheat futures ended the last trade day of the week with 2 1/2 to 4 1/2 cent gains.
Wheat stocks are estimated at 1.855 bbu ahead of the September Grain Stocks report. If realized that would be down 303 mbu yr/yr. September 30th will also bring wheat production figures, with the trade looking for a 14.6 mbu cut. Other Spring is expected to be reduced 12.4 mbu on average to 331 mbu.
Canadian spring wheat harvest in Saskatchewan reached 94% through 9/23. That is well ahead of their 63% average pace reflecting the dry conditions. Ukraine’s Ag Ministry saw 18.3% of winter wheat planted as 9/23. Russia’s Ag Ministry indicated next week’s wheat export tax would be... Read more