Monday’s wheat market is trading lower. Chicago futures are down 5 ¾ to 6 ½ cents so far. KC prices are trading with losses of 8 to 16 ¼ cents. Minneapolis spring wheat is down by as much as 10 ¾ cents so far.
USDA reported 390,364 MT of wheat shipments for the week that ended 8/24. That was up from 311k MT last week but down 241k MT from the same week last year. Accumulated shipments reached 4.03 MMT, but still trail last year’s pace by 21%.
The European Commission lowered their estimate for wheat output by 300k MT to 126.1 MMT. Harvest pace has been delayed and quality concerns have been in headlines via consistent August rainfall, but they did not directly cite that as the reason for their production cut. Russia lowered their export tax to 3,729 rubles per MT from 4,270 for the period ending Sept 5th.
Sep 23 CBOT Wheat is at $5.85 1/2, down 7 3/4 cents,
Dec 23 CBOT Wheat is at $6.14 1/2, down 7 1/4 cents,
Cash SRW Wheat is at $5.17 5/8, down 7 7/8 cents,
Sep 23 KCBT Wheat is at $7.36 3/4, down 17 1/4 cents,
Cash HRW Wheat is at $6.74 3/8, down 17 1/4 cents,
Sep 23 MGEX Wheat is at $7.64 1/2, down 11 1/4 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.
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