Red Start for Thursday’s Wheat Trade

Current wheat futures are another 1 to 5 cents weaker, again with SRW as the firmer of the three. Dec SRW had been up by 4 cents overnight. Front month wheat futures fell on Wednesday. CBT SRW futures ended with 0.8% to 1.6% losses of 5 ¾ to 9 ½ cents. Minneapolis wheat futures closed the day 1.4% to 2% lower on the day, with losses of as much as 15 ¾ cents. The KC wheat futures settled 10 ¼ to 16 cents lower on the midweek session, leading the way lower with losses of as much as 2.2%. 

Survey respondents are looking for FAS to report between 250k MT and 500k MT of wheat export sales for the week that ended 9/21. Wire sources show Egypt booked 170k MT of wheat from Romania and Bulgaria, with Russian offers not competitive. Ukraine wheat was the cheapest, but shipping could not be arranged. Ukraine has exported  3.16 MMT of wheat since July 1 via a variety of channels. That is up 12% for LY, but corn shipping (tail end of marketing year) has suffered. 

Analysts are looking for NASS to show 1.77 bbu of Sep wheat stocks in the quarterly report on Friday. That would be 7 mbu tighter yr/yr on a 26 mbu smaller supply via WASDE. For the Small Grains report also slated for 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. 

Dec 23 CBOT Wheat  closed at $5.79 1/2, down 9 1/2 cents, currently down 1 1/4 cents

Mar 24 CBOT Wheat  closed at $6.07 1/4, down 9 cents, currently down 1 1/2 cents

Cash SRW Wheat  was $4.92 1/4, down 9 1/2 cents,

Dec 23 KCBT Wheat  closed at $6.94 1/2, down 16 cents, currently down 5 cents

Cash HRW Wheat  was $6.23 7/8, down 16 cents,

Dec 23 MGEX Wheat  closed at $7.50 3/4, down 15 3/4 cents, currently down 3 cents