Wheat futures continue to adjust the spreads amongst the classes. Chicago prices were fractionally to 2 ¼ cents higher on the day, while the hard reds faded. KC futures ended the session with losses of as much as 4 cents, and MGE futures were 1 ¾ to 2 ½ cents weaker.
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, and 7% was emerged. Spring wheat harvest advanced 3% points to 96% complete.
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 closed at $5.89, unch,
Mar 24 CBOT Wheat closed at $6.16 1/4, up 3/4 cent,
Cash SRW Wheat was $5.02 7/8, down 0 cent,
Dec 23 KCBT Wheat closed at $7.10 1/2, down 4 cents,
Cash HRW Wheat was $6.39 7/8, down 3 7/8 cents,
Dec 23 MGEX Wheat closed at $7.66 1/2, down 2 1/2 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.
