The Chicago wheat market is another 5 ¼ to 9 ¼ cents in the black so far for Wednesday. HRW is working double digits in the black with gains of as much as 13 ¾ cents. HRS prices 5 ¾ to 6 cents higher as well.
FranceAgriMer reduced their export forecast 300k MT to 17.2 MMT. The European Commission reported 5.84 MMT have been shipped from EU to non-EU destinations as of 9/8. That is down from 8 MMT last year. Ukraine’s Ag Minister reported 5.4 MMT of grains have been shipped for the season through 9/13. That is 7.5% behind last year’s pace.
The WASDE report had no changes for the US balance sheet, though 10 mbu of HRW exports were shifted to HRS. As a whole, domestic output was left at 1.734 bbu and carryout was maintained at 615 mbu. World changes yesterday included a 6 MMT cut in estimated production (-3 Australia, -2 Canada, -1 MMT for each Argentina and the EU, and +1.5 for Ukraine). Wheat carryout was 7 MMT tighter, to 267 MMT - the tightest in 8 years and the stocks/use ratio would be a 9 year low. The stocks/use ratio ex-China remains the tightest since 2007/08.
Sep 23 CBOT Wheat is at $5.65 1/2, up 5 1/4 cents,
Dec 23 CBOT Wheat is at $5.96 1/4, up 8 3/4 cents,
Cash SRW Wheat is at $5.07 3/8, up 8 5/8 cents,
Dec 23 KCBT Wheat is at $7.43, up 12 1/4 cents,
Cash HRW Wheat is at $6.71 1/2, up 12 3/8 cents,
Dec 23 MGEX Wheat is at $7.85, up 6 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.
/Alibaba%20by%20testing%20via%20Shutterstock.jpg)
/Unitedhealth%20Group%20Inc%20HQ%20photo-by%20jetcityimage%20via%20iStock.jpg)