Wheats fell on a broad sell off session across the ag markets. Chicago futures fell 1.6% to 2.2% across the front months, including a 13 cent loss in Dec. KC wheat futures ended the session down 14 to 18 ½ cents on a 2.5% loss in the December contract. Front month spring wheat futures dropped by 13 to 16 cents.
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 closed at $5.75 3/4, down 13 cents,
Mar 24 CBOT Wheat closed at $6.02 1/4, down 12 1/2 cents,
Cash SRW Wheat was $4.88 1/4, down 13 1/4 cents,
Dec 23 KCBT Wheat closed at $7.10 1/2, down 18 1/2 cents,
Cash HRW Wheat was $6.38 3/4, down 18 3/8 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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