Wheat futures are down double digits across the three exchanges at midday. Chicago is 11 to 13 cents in the red so far. Kansas City contracts are 16 to 19 cents lower at midday. MPLS spring wheat is showing 10 to 15 cent losses.
Weekly Export Inspections data from the FGIS section of the USDA showed a total of 311,314 MT of wheat shipped during the week that ended on August 17. That was a 15.6% improvement on the week but 47.7% below the same week last year. The top destination was Mexico, with 78,805 MT in shipments.
Rumors continue that India is negotiating to buy a slug of Russian wheat at a steep discount. Russia hiked their wheat export tax to reflect the weakness in the ruble (and a strong shipping pace), going from 3,713 rubles/MT to 4,269 per.
Chinese officials announced plans to offer a plant chemicals subsidy for fall 23/24 crops in response to harsh drought conditions and adverse flooding. The subsidy is good for fertilizers for autumn grains.
Sep 23 CBOT Wheat is at $6.00 3/4, down 12 1/2 cents,
Dec 23 CBOT Wheat is at $6.27 1/4, down 11 3/4 cents,
Cash SRW Wheat is at $5.33 1/8, down 12 3/8 cents,
Sep 23 KCBT Wheat is at $7.37 1/2, down 16 cents,
Cash HRW Wheat is at $6.75 1/4, down 16 1/4 cents,
Sep 23 MGEX Wheat is at $7.87 3/4, down 15 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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