After cooling off on Thursday, the Friday wheat is back to trading higher. Chicago SRW futures are up by 8 to 9 ¾ cents across the front months. That has the Dec contract working on a 7 cent gain for the week’s move. KC HRW futures are trading 7 to 8 cents higher at midday. Front month HRS prices are 2 to 4 cents higher.
Romania’s Transport Minister announced the plan to double Ukrainian grain transit capacity to 4 MMT remains on schedule for the coming months. Ukraine’s Ag Minister reported wheat harvest at 22.15 MMT as of 9/15 – up by 15.4% from the same point last year.
Canadian wheat production was forecasted at 29.835 MMT by StatsCan. That compares to the Tuesday WASDE estimate of 30 MMT. Last Year StatsCan had wheat output there at 34.335 MMT but dryness hurt production in the Prairies this year.
USDA’s FAS data had total wheat commitments at 8.3 MMT (305.5 mbu) as of 9/7 – or 44% of the USDA forecast.
Dec 23 CBOT Wheat is at $6.03 1/4, up 9 1/2 cents,
Mar 24 CBOT Wheat is at $6.29, up 8 3/4 cents,
Cash SRW Wheat is at $5.14 3/4, up 8 7/8 cents,
Dec 23 KCBT Wheat is at $7.44, up 7 1/2 cents,
Cash HRW Wheat is at $6.72 5/8, up 7 1/2 cents,
Dec 23 MGEX Wheat is at $7.87, up 3 1/2 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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