Wheat Prices Fade on Wednesday

The midweek wheat market ended with futures in the red. Chicago SRW was down the most on the day with 2% to 3.2% losses. KC wheat prices were 5 1/2 to 9 cents lower at the close. Front month HRS prices were 1% to 1.3% lower with double 10c losses. 

Weekly Export Sales estimates for wheat range from 200,000 MT to 500,000 MT for the week that ended 8/3. 

Ukraine’s Ag Ministry showed MYTD grain exports have reached 2.76 MMT through July and the first week of August. That includes 1.08 MMT of wheat. Total grain output is estimated to be within 50-55 MMT, similar to 53 MMT last year but still well under the 86 MMT record in 2021. 

The European Commission reported wheat shipments at 2.92 MMT MYTD through 8/6. That trails the 3.48 MMT from last year’s pace. 

Syria is tendering for 200k MT of wheat. Japan is on the market for 93,972 MT of wheat to be sourced via U.S. and Canada. Jordan is tendering for 120k MT of optional origin wheat. Egypt’s GASC booked 235k MT of Russian wheat via a tender that featured limited offerings and higher prices than the last one. 

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

Sep 23 CBOT Wheat  closed at $6.35, down 21 1/4 cents,

Dec 23 CBOT Wheat  closed at $6.61 3/4, down 19 3/4 cents,

Cash SRW Wheat  was $5.68 5/8, down 20 3/4 cents,

Sep 23 KCBT Wheat  closed at $7.61 1/2, down 9 cents,

Cash HRW Wheat  was $7.00 1/1, down 9 cents,

Sep 23 MGEX Wheat  closed at $8.19 3/4, down 11 cents,