The wheat market is currently back in the red after a bounce on Tuesday. CBT SRW futures are 5 to 6 ¼ cents in the red. KC HRW is trading down by as much as 1.6% through midday. MGE HRS futures are down 7 to 10 ½ cents at midday.
Trader estimates for the weekly Export Sales report range from 250,000 MT and 600,000 MT during the week that ended 9/28. Survey respondents are looking for less than 25k MT for new crop wheat business.
Ukraine’s Ag Ministry reported 2.99m HA for winter grains. That included 1.7m HA of winter wheat - +58% from last year.
Interfax reported Russian grain exports at 17.7 MMT for the MY through 9/21, which includes 13.5 MMT of wheat. Ukraine’s current wheat production estimate is 21.7 MMT, a bit below the 22.5 MMT USDA is using.
Dec 23 CBOT Wheat closed at $5.60, down 8 1/2 cents,
Mar 24 CBOT Wheat closed at $5.89, down 8 3/4 cents,
Cash SRW Wheat was $4.76, down 8 1/2 cents,
Dec 23 KCBT Wheat closed at $6.66 1/2, down 16 3/4 cents,
Cash HRW Wheat was $6.04, down 16 3/8 cents,
Dec 23 MGEX Wheat closed at $7.11 3/4, down 13 3/4 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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