Midday Wheat Markets Gaining through Midday

Front month wheat prices are trading +4% higher. SRW is 34 3/4 to 3 ¼ cents in the black. HRW is gaining 33 1/2 to 41 3/4 cents higher through midday. MPLS spring wheat is gaining 27 1/2 to 38 cents higher in the front months. 

The White House National Security spokesman reported that they do not foresee the export corridor deal coming apart. 

Ukraine’s Ag Ministry reported harvest reached 99% complete, with 19.5 MMT counted. That is down from 33 MMT last year. IKAR raised their forecast for Russia’s crop 2 MMT to 97 MMT. 

Saskatchewan reported wheat harvest was 42% finished as of 9/8, compared to the 40% average pace. Yields were yields were mostly near 43 bpa.

South Korea booked 65k MT of Australian wheat via tender. Jordan purchased 60k MT of wheat via tender. Taiwan purchased 55,375 MT of U.S. wheat via tender for grade 1 milling wheat. 

Ahead of the monthly S&D estimates from USDA, analysts expect to see a looser carryout on average compared to August. The average estimate going in is 8.1 mbu above the 610 from August, though estimates range from a 40 mbu increase to a 16 mbu decrease. 

Sep 22 CBOT Wheat  is at $8.10, down 1/2 cent,

Dec 22 CBOT Wheat  is at $8.65 3/4, up 36 3/4 cents,

Cash SRW Wheat  is at $7.99 3/4, up 37 cents,

Dec 22 KCBT Wheat  is at $9.25 3/4, up 32 3/4 cents,

Cash HRW Wheat  is at $8.82 5/8, up 32 3/8 cents,

Dec 22 MGEX Wheat  is at $9.28, up 29 3/4 cents,