Spring wheat futures are rallying out of the export sales release, while the winter wheats are working in the red. CBT prices are down by 3 ¼ to 4 ¾ cents at midday. KC wheat prices are fractionally lower so far. MGE wheat is up by as much as 3 ½ cents.
USDA’s weekly Export Sales report showed 406k MT of wheat was booked during the week that ended 8/17. That was up 13% for the week, but was below the 500k MT sold during the same week last year. The bulk of the sale was HRS and white wheat, with South Korea as the top buyer. Wheat commitments still trail last year’s pace by 23% at 7.175 MMT (263.7 mbu).
The France Agritel expects wheat shipments will be 17 MMT for 23/24, compared to 16.4 MMT last year, however they had shipments to non-EU members down yr/yr to 9.5 MMT. Agritel maintained their production outlook at 34.8 MMT.
Turkish president Erdogan is visiting Russia to meet with President Putin. Discussions will center around possible routes to re-enter a grain corridor arrangement.
Sep 23 CBOT Wheat is at $6.06 1/2, down 6 cents,
Dec 23 CBOT Wheat is at $6.34, down 5 3/4 cents,
Cash SRW Wheat is at $5.38 5/8, down 6 1/4 cents,
Sep 23 KCBT Wheat is at $7.54, down 1 cent,
Cash HRW Wheat is at $6.92 5/8, down 1 cents,
Sep 23 MGEX Wheat is at $7.82 3/4, down 1 3/4 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.
/NVIDIA%20Corp%20logo%20on%20phone-by%20Evolf%20via%20Shutterstock.jpg)
/Semiconductor%20chip%20by%20Mykola%20Pokhodzhay%20via%20iStock.jpg)