Front month wheat futures are trading fractionally to 9 cents higher after the USDA data. Chicago is the weak link on the board, while MGE wheat prices are up over 1.3%. USDA left the cash average price at $7.50.
USDA’s WASDE report made no domestic changes for wheat, though 10 mbu of HRW exports were shifted to HRS – now 155 and 215 mbu respectively. As a whole, output was left at 1.734 bbu and carryout was maintained at 615 mbu compared to the 614 average trade guess.
World changes saw a 6 MMT lighter output. With –3 MMT for Australia, -2 for Canada, -1 MMT for each Argentina and the EU, partially offset by +1.5 MMT for Ukraine. Wheat carryout was 7 MMT tighter, mainly reflecting the production losses, though import demand also shrank 1.8 MMT from the prior forecast.
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.
Sep 23 CBOT Wheat is at $5.48, down 8 cents,
Dec 23 CBOT Wheat is at $5.85 1/2, up 1 cent,
Cash SRW Wheat is at $4.97 1/8, up 1 3/8 cents,
Dec 23 KCBT Wheat is at $7.30, up 6 1/4 cents,
Cash HRW Wheat is at $6.58 1/2, up 6 3/8 cents,
Dec 23 MGEX Wheat is at $7.76, up 9 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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