Mixed Close for Tuesday Wheats

The winter wheat futures traded higher out of the long weekend but Minneapolis futures did not. MPLS HRS losses were limited to a penny, but compared to the KC HRW 4 1/4 to 7 1/2 cent gains the spring wheat premium faded to 7-8 cents/bu. CBT SRW futures closed the day 2 1/2 to 7 cents in the black on the first trade day out of the extended weekend. 

The weekly Crop Progress report showed 71% of spring wheat was harvested as of 9/4. That was up from 50% last week and trails the 5-yr average pace of 83%. South Dakota’s harvest is nearly wrapped up. Planting for the 23/24 winter wheat crop reached 3% complete. That was via a 13% pace in CO, and a 7% pace in TX. KS had not begun on enough fields for data through 9/4. The average planting pace would have TX 20% finished, with 3% of the national crop in the ground. 

IFX reported Russia’s harvest as 88.2 MMT of wheat as of 9/2. That compares to 66.4 MMT last year before cleaning and drying. That implies a 3.97 MT/HA yield, compared to 2.99 last year. IFX estimates the 22/23 wheat production number (after drying) will be 82.9 MMT. Russia was 75% harvested. 

BAGE reported that 23.7% of Argentina’s wheat area is facing poor conditions and will have below trend yields. 

USDA’s weekly Export Inspections report had 477,657 MT of wheat exports for the week that ended 9/1. That was down from 631,326 MT last week but up from the 412,649 MT shipped during the same week last year. MYTD wheat shipments still trail last year’s pace by ~1 MMT. 

Sep 22 CBOT Wheat  closed at $8.00, up 7 cents,

Dec 22 CBOT Wheat  closed at $8.17, up 6 cents,

Cash SRW Wheat  was $7.48 3/8, up 7 1/4 cents,

Dec 22 KCBT Wheat  closed at $8.82, up 4 1/4 cents,

Cash HRW Wheat  was $8.38 1/4, up 4 3/8 cents,

Dec 22 MGEX Wheat  closed at $8.89 3/4, down 1/4 cent,