AM wheat quotes are down by 2 to 5 cents and are at or a penny off their overnight lows. The lead SRW contract stayed in a 6 ¼ cent range from -4 ¾ to +1 ½ cents. 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.
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 600,000 MT at $274-275/MT C&F. That buying interest encouraged Egypt to get back in the market, buying 120,000 MT from Romania at a reported $272/MT C&F.
Dec 23 CBOT Wheat closed at $5.88 3/4, up 4 3/4 cents, currently down 3 3/4 cents
Mar 24 CBOT Wheat closed at $6.14 3/4, up 4 1/2 cents, currently down 2 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, currently down 3 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, currently down 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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