The front month wheat futures are trading on both sides of UNCH at midday. Both the Chicago SRW and MGE HRS futures are fractionally mixed, while KC is trading 3 to 3 ½ cents in the red through Tuesday.
Analysts are looking for NASS to show 1.77 bbu of Sep wheat stocks in the quarterly report. That would be 7 mbu tighter yr/yr on a 26 mbu tighter supply via WASDE. Also to be reported on Friday, analysts are looking for a 2 mbu reduced production outlook for wheat. The average trade guess is to see 1.732 mbu, though estimates range from 1.689 bbu to 1.757.
Ukraine’s Ag Ministry reported winter wheat planting reached 1.02m HA as of 9/26. That is 64% ahead of last year, mainly reflecting a larger area dedicated to wheat.
NASS reported winter wheat planting was 26% finished as of 9/24. That was 11% points further along for the week, but remains 3% points behind the average. KS planting was 18% planted – compared to 37% on average. The weekly update showed 7% was emerged which is 1 ppt ahead of average. Spring wheat harvest advanced 3% points to 96% complete. That matches the average pace.
Ukraine’s Ag Ministry had 1.57 MMT of grain shipments for the month of Sep thus far. That trails last year’s 3.2 MMT pace, with Russian destruction of export facilities hampering movement.
Dec 23 CBOT Wheat is at $5.88 3/4, down 1/4 cent,
Mar 24 CBOT Wheat is at $6.16, up 1/2 cent,
Cash SRW Wheat is at $5.02 5/8, down 1/4 cent,
Dec 23 KCBT Wheat is at $7.12 1/4, down 2 1/4 cents,
Cash HRW Wheat is at $6.41 5/8, down 2 1/8 cents,
Dec 23 MGEX Wheat is at $7.68 1/2, down 1/2 cent,
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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