Mixed Wheat Board into Day Session

AM wheat prices are sitting nearer the overnight lows with 3 to 4 cent losses in Chicago and 2 to 4 cent losses in KC. Spring wheats traded mostly higher overnight, and are currently up 2 to 2 ½ cents. 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, currently up 1 1/4 cents

Dec 23 CBOT Wheat  closed at $5.84 1/2, down 11 1/4 cents, currently down 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, currently down 2 3/4 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, currently up 3 cents