Mixed Close for Wheat Futures

Wheat prices pulled back in the afternoon and ended the day mixed. Spring wheat futures stayed 4 1/2 to 6 1/2 cents in the black for the settle. Chicago wheat prices were also higher going home with fractional to 2 1/2 cent gains. KC wheat ended the day fractionally mixed to 1 3/4 cents lower. 

Traders expect USDA to raise wheat output by 3.6 mbu on average ahead of the WASDE report. The by-class estimates have HRW up 2.8 mbu, SRW +3, white winter +1.4, other spring -4, +0.7 mbu for durum. 

Egypt’s GASC booked 235k MT of Russian wheat via a tender that featured limited offerings and higher prices than the last one. 

IKAR raised their production estimate for Russian wheat by 1.5 MMT to 88 MMT. SovEcon expects Russian wheat exports will total 48.1 MMT, compared to their prior projection of 47.2 MMT. 

NASS reported the US winter wheat harvest was 87% complete as of 8/6. That is up 7% points for the week. Spring wheat harvest was 11% complete, up from 2% last week and 3ppts behind the average pace. Spring wheat conditions declined another 6 points on the Brugler500 Index to 319. Conditions have declined all but one week since NASS tracking began for the 23/24 crop – for a net 49 point drop. 

Sep 23 CBOT Wheat  closed at $6.56 1/4, down 1 1/4 cents,

Dec 23 CBOT Wheat  closed at $6.81 1/2, up 1/2 cent,

Cash SRW Wheat  was $5.88 1/2, down 1 1/4 cents,

Sep 23 KCBT Wheat  closed at $7.70 1/2, up 3/4 cent,

Cash HRW Wheat  was $7.09 1/1, up 3/4 cent,

Sep 23 MGEX Wheat  closed at $8.30 3/4, up 6 1/2 cents,