Wheats Fade on Thursday

Front month wheat prices pulled back on Thursday, enough to flip net mixed for the week’s move. CBT SRW flipped lower for the week, with Dec now 2 cents below last Friday on the session’s 3 ½ cent loss. Sep SRW went off the board at $5.67 ½ - or 26 ¼ cents below the Dec contract. KC HRW futures ended the day down by 5 ½ to 8 ¼ cents. Dec is still at a 4 ½ cent gain for the week. MGE spring wheat futures gave back 3 ½ to 4 cents on the day. 

Canadian wheat production was forecasted at 29.835 MMT from StatsCan. That compares to the WASDE estimate of 30 MMT. LY StatsCan had wheat output at 34.335 MMT. 

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  closed at $5.93 3/4, down 3 1/2 cents,

Mar 24 CBOT Wheat  closed at $6.20 1/4, down 3 1/4 cents,

Cash SRW Wheat  was $5.05 7/8, down 3 3/4 cents,

Dec 23 KCBT Wheat  closed at $7.36 1/2, down 8 1/4 cents,

Cash HRW Wheat  was $6.64 1/8, down 8 1/8 cents,

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