U.S. wheat futures were mixed on Wednesday, but were mostly stronger. CBT SRW futures ended the day 3 ½ to 4 ¾ cents higher. MGE HRS futures went home 2 ¾ to 4 cents higher. HRW futures settled the day with 1 ¾ cent gains in the new crop contracts, but fractionally to 2 cents lower nearby.
Ahead of the weekly Export Sales report, traders are looking for wheat bookings between 250k MT and 600k MT for the week that ended 9/14.
Russia expects total grain exports at 60 MMT from the 130 MMT total harvest. The Ag Ministry reported 123 MMT of grain has been harvested already.
Kazakhstan’s Ag Minister reported the grain harvest at 6.6 MMT as of 9/19. That is down from 14.2 MMT at the same point last year, reflecting both weaker yields and a slower harvest pace.
Algeria is tendering for milling wheat for Nov-Dec shipment and may have purchased 2 or more cargos yesterday. That buying interest encouraged Egypt to get back in the market, with results of a GASC tender expected later today.
Dec 23 CBOT Wheat closed at $5.88 3/4, up 4 3/4 cents,
Mar 24 CBOT Wheat closed at $6.14 3/4, up 4 1/2 cents,
Cash SRW Wheat was $5.02 1/2, up 5 1/4 cents,
Dec 23 KCBT Wheat closed at $7.29, down 2 cents,
Cash HRW Wheat was $6.56 1/4, down 2 cents,
Dec 23 MGEX Wheat closed at $7.83 1/2, up 3 3/4 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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