Wheat Markets Close Mostly Lower

Front month wheat futures traded mostly lower out of the weekend, as the export data took a back seat to an UNCH domestic balance sheet. The only U.S. wheat number changed by USDA was the farm price dropping 25 cents to $9/bu flat. At the close, SRW futures were 8 1/2 to 12 cents in the red. KC wheat stayed firmer with July gaining 1 1/2 cents to 2 1/4 cent losses in the other nearby contracts. MPLS spring wheat went home 1 to 2 1/4 cents in the red as well. 

Spring wheat harvest advanced 14% points through the week to 85% complete. The average pace would be 89% finished. For 23/24 winter wheat, NASS’s Crop Progress report showed 10% was planted as of 9/11. That compares to 3% last week and 7% on average. Kansas was 3% planted for next season’s crop. 

USDA boosted global wheat production 4.32 MMT, via a 3 MMT higher Russian wheat crop (91 MMT) and a 1 MMT higher Ukrainian crop (20.5 MMT). The higher Black Sea wheat production was not shifted to exports, but rather their domestic use and stocks. Global wheat stocks were 1.23 MMT higher to 268.57 MMT. The trade was looking for 268.2 MMT going in. 

USDA reported 736,225 MT of US wheat was exported during the week that ended 9/8. That was up from 538,329 MT last week and compares to 567,438 MT during the same week last season. Mexico was the top destination with +200k MT. The MYTD wheat exports still trail last year by 783,715 MT with 6.4 MMT shipped through 9/8. 

Sep 22 CBOT Wheat  closed at $8.41 1/4, down 12 cents,

Dec 22 CBOT Wheat  closed at $8.58 3/4, down 10 3/4 cents,

Cash SRW Wheat  was $7.92 1/2, down 10 3/4 cents,

Dec 22 KCBT Wheat  closed at $9.27, down 2 1/4 cents,

Cash HRW Wheat  was $8.84 7/8, down 2 cents,

Dec 22 MGEX Wheat  closed at $9.26 1/2, down 1 cent,