Wheats Are Fading through Morning

Wheat futures are trading nearer their lows on an overnight range of 13c (Dec SRW), currently on 5 to 8 cent losses. Turnaround Tuesday featured 20-30 cent losses after larger gains on Monday. Chicago SRW went home 26 3/4 to 37 cents in the red in the front months. December SRW printed an inside day, for a net weekly gain of 20 3/4 cents. HRW futures closed 24 to 33 1/2 cents red, with the front months back below the $10/bu mark. MPLS spring wheats ended 1.8% to 2.8% in the red, with December 29 cents weaker. 

USDA/NASS indicated 55% of the expected winter wheat crop was planted as of 10/9. That was up from 40% last week and trails the average pace by 3% points. In KS, planting reached 50% finished, compared to 54% on average. Emergence was pegged at 26% of the crop, which lags the 32% average. 

Weekly Inspections data showed wheat exports were 614,371 MT for the week that ended 6/10. That was down from 667k MT last week but was up from 447k MT during the same week last year. Accumulated wheat shipments were 9.13 MMT trailing last year’s pace by just 0.73%. 

The average trade guess for USDA global wheat ending stocks was 262.6 MMT when surveys were submitted last week. If realized, that would be down 0.7 MMT from Sep. The full range of pre-report estimates are between 262.6 MMT and 270 MMT.  

Dec 22 CBOT Wheat  closed at $9.01, down 37 cents, currently down 8 1/4 cents

Mar 23 CBOT Wheat  closed at $9.17, down 34 1/2 cents, currently down 7 1/2 cents

Cash SRW Wheat  was $8.34 ¼ on Tuesday, down 37 cents,

Dec 22 KCBT Wheat  closed at $9.90 3/4, down 33 1/2 cents, currently down 5 cents

Cash HRW Wheat  was $9.49 5/8 on Tuesday, down 33 1/2 cents,

Dec 22 MGEX Wheat  closed at $9.85 1/4, down 29 cents, currently down 2 3/4 cents