Wheat futures fell by double digits to start the week. Chicago led the way lower with losses of nearly 2%. KC futures were down 7 to 9 cent son the day with May at a 1.3% loss. Spring wheat futures stayed in the red but settled firmer on 2 ½ to 4 ½ cent losses.
USDA’s weekly Crop Progress update marked the spring wheat harvest at 87% complete – matching the average pace. Harvest was at 74% last week. Winter wheat planting was 7% finished as of 9/10, up from 1% complete last week and matching the average.
USDA’s Export Inspections report had 406,181 MT of wheat shipped during the week that ended 9/7. That was up 88k MT wk/wk, but was below the 758k MT shipped during the same week last year. USDA broke it down with 178.6k MT as HRS, 87k MT for HRW, 76k MT for SRW, and with 63.6k MT as white.
WASDE report (Tuesday) trade estimates range from a 21 mbu looser carryout to a 29 mbu tighter carryout with a 614 mbu ending stocks expected on average. Survey respondents expect WAOB to trim the global wheat carryout, though the full range is from +2.3 MMT to -5.6 MMT.
Sep 23 CBOT Wheat closed at $5.56, down 11 1/4 cents,
Dec 23 CBOT Wheat closed at $5.84 1/2, down 11 1/4 cents,
Cash SRW Wheat was $4.96 3/4, down 11 3/8 cents,
Dec 23 KCBT Wheat closed at $7.23 3/4, down 8 1/4 cents,
Cash HRW Wheat was $6.51 1/4, down 8 3/8 cents,
Dec 23 MGEX Wheat closed at $7.66 3/4, down 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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