Red Start to the Week for Wheat Market

Wheat futures fell double digits on the first trade day of the week in a broad ag market selloff. That left the CBT market 11 ¼ to 13 cents in the red. KC wheat futures went home 11 ½ to 12 ¼ cents lower across the front months. Spring wheat futures closed the day 10 to 11 ½ cents lower. 

The weekly Crop Progress report showed the 24/25 winter wheat planting advanced 8% points to 15% finished as of 9/17. KS was marked at 8% planted, compared to 10% on average – while the national pace is 1% point behind the past 5yrs. Spring wheat harvest advanced 4% points to 93% complete. The average pace would be 95% harvested as of 9/17. 

USDA reported 367,371 MT of wheat was exported during the week that ended 9/14. That compares to 406k MT last week and is down 56% from the same week last year. HRS and Soft white shipments were each over 109k MT, while the HRW and SRW shipments were 60k each. USDA had the season total as 5.12 MMT, compared to last year’s 7.3 MMT pace. 

Wire sources have China as buyers for between 5-10 60k cargoes of French wheat for delivery Nov-Mar.

Chinese Custom’s data had 840k MT of wheat imports for August. That was up 58% from Aug ’22. The year-to-date total 53% above 2022’s pace with 9.56 MMT through August. 

Dec 23 CBOT Wheat  closed at $5.91 1/4, down 13 cents,

Mar 24 CBOT Wheat  closed at $6.16 3/4, down 12 3/4 cents,

Cash SRW Wheat  was $5.04 5/8, down 11 1/4 cents,

Dec 23 KCBT Wheat  closed at $7.35, down 11 1/2 cents,

Cash HRW Wheat  was $6.62 3/8, down 11 3/4 cents,

Dec 23 MGEX Wheat  closed at $7.77 1/2, down 11 1/2 cents,