Wheat Pulling Back through Midday

Chicago SRW futures are the firmest of the domestic classes, trading fractionally in the red so far. KC HRW is down by 5 ½ to 8 ½ cents at midday. Spring wheat futures on the MGE are down by 2 ¾ to 5 ½ cents. The September contracts will roll off the board at the settle. 

USDA’s weekly Export Sales report had 437,850 MT of wheat bookings during the week that ended 9/7. That was an 18% increase for the week and was more than double the same week last year. Estimates were for between 250k MT and 600k MT. HRS and white wheat bookings made up 1/3 of the total each. Total wheat commitments were at 8.3 MMT (305.5 mbu) as of 9/7 – which is 44% of the USDA forecast.  

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. 

Dec 23 CBOT Wheat  is at $5.96, down 1 1/4 cents,

Mar 24 CBOT Wheat  is at $6.22 1/4, down 1 1/4 cents,

Cash SRW Wheat  is at $5.08 7/8, down 3/4 cent,

Dec 23 KCBT Wheat  is at $7.35 1/2, down 9 1/4 cents,

Cash HRW Wheat  is at $6.63 3/8, down 8 7/8 cents,

Dec 23 MGEX Wheat  is at $7.83 1/2, down 4 cents,