Wheat prices ended the session higher, led by 1.3% to 1.6% gains in HRS futures. The hard red winter wheat market closed 5 ¼ to 7 ¾ cents higher with gains of up to 1%. Front month SRW futures were 2 ½ to 4 ¼ cents higher at the bell on report day. USDA left the cash average price at $7.50.
USDA’s WASDE report made no domestic changes for the full wheat S&D balance sheet, 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.
Sep 23 CBOT Wheat closed at $5.60 1/4, up 4 1/4 cents,
Dec 23 CBOT Wheat closed at $5.87 1/2, up 3 cents,
Cash SRW Wheat was $4.99 3/4, up 3 cents,
Dec 23 KCBT Wheat closed at $7.30 3/4, up 7 cents,
Cash HRW Wheat was $6.58 1/4, up 7 cents,
Dec 23 MGEX Wheat closed at $7.79, up 12 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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