Wheat Pushing Higher at Midday on Slightly Friendly USDA Number

Wheat futures are showing slightly higher trade so far on Monday, the three exchanges pushing higher. Chicago SRW futures are up 5 cents in the nearbys. KC HRW contracts are up 6 to 7 cents at midday. MPLS spring wheat is up 11 to 12 cents in the front months on the day.

The annual Small Grains Summary showed all wheat production at 1.971 bbu, which was down 11 from the August Crop Production report, and 5 mbu above estimates. Winter wheat production was down 12 mbu from August at 1.349 bbu, and in line with estimates. HRW was 770, slightly above the trade average but down 6 mbu from August, with SRW at 342 mbu, even with the trade and August, as white winter was at 236 mbu down 7 mbu from August. Spring wheat production was up 2 mbu vs. estimates and down 2 from August at 542 mbu. Durum was up 3 mbu from August at 80 mbu.

Quarterly Grain Stocks data showed 1.985 bbu of wheat in stocks as of September 1, 218 mbu above the same time last year, but down 7 mbu vs. the trade estimates. 

The weekly Export Inspections report indicated 536,929 MT (28.4 mbu) of wheat shipped in the week that ended on 9/26. That was slightly below the same week last year and down 25.7% from the previous week. That took the marketing year to date shipments to 8.23 MMT (302.6 mbu), which is 35.16% above the same time last year.

Dec 24 CBOT Wheat  is at $5.85, up 5 cents,

Mar 25 CBOT Wheat  is at $6.05 1/4, up 5 cents,

Dec 24 KCBT Wheat  is at $5.83 1/2, up 6 3/4 cents,

Mar 25 KCBT Wheat  is at $5.97 3/4, up 6 cents,

Dec 24 MGEX Wheat  is at $6.20, up 11 3/4 cents,

Mar 25 MGEX Wheat  is at $6.41 1/2, up 11 1/4 cents,