Wheat Trading Red Through Thursday’s Midday

The wheat futures are down by over a percent in tandem with weaker corn and bean futures. Chicago prices are 7 ½ to 9 ½ cents lower so far. KC wheat is leading to the downside with nearly a 2% loss in the Dec contract. Spring wheat futures are dropping 7 ¾ to 9 ¾ cents so far.  

FAS Export Sales data showed 307,704 MT of wheat was booked during the week ending 9/14. That was down from 437k MT sold last week, but was 68% higher yr/yr. The trade was looking for between 250k MT and 600k MT going in. By class, the report had white wheat making up the majority of the sale with 121k MT. White wheat commitments are at 21% of the total, while HRS holds 36% of the total 316.8 mbu on the books. 

SovEcon lowered their forecast for Russian wheat output by 500k MT to 91.6 MMT. 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  is at $5.79 3/4, down 9 cents,

Mar 24 CBOT Wheat  is at $6.06, down 8 3/4 cents,

Cash SRW Wheat  is at $4.92 1/4, down 9 1/4 cents,

Dec 23 KCBT Wheat  is at $7.15 1/2, down 13 1/2 cents,

Cash HRW Wheat  is at $6.43 5/8, down 13 1/2 cents,

Dec 23 MGEX Wheat  is at $7.73 3/4, down 9 3/4 cents,