Wheat is giving some of the Monday gains back on Tuesday morning, with the three exchanges lower. The wheat complex saw strength on Monday, with the hard red contracts pushing higher. CBT soft red wheat futures were 4 to 5 cents in the green. KC HRW futures were 10 to 12 cents higher across the nearbys. There were another 2 deliveries issued overnight. MPLS spring wheat was up 10 to 11 cents on the session.
The USDA weekly Crop Progress report showed 85% of the US spring wheat harvest complete by September 7, 1 percentage point ahead of normal.
Export Inspections data showed 424,993 MT (15.62 mbu) of wheat shipped in the week that ended on September 4, which was a drop of 47.12% from the week prior and 31.57% below the same week last year. South Korea was the top destination of 68,604 MT, with 65,999 MT to the Philippines and 60,802 MT to Bangladesh. Marketing year shipments have totaled 7.065 MMT (259.6 mbu) since June 1, 10.09% larger yr/yr.
Ukraine winter wheat acreage is expected to be up to 4.75 million hectares (11.74 million acres), a 0.25 million hectare (617,700 acre) increase from last year according to the country’s economy ministry.
Sep 25 CBOT Wheat  closed at $5.05 1/2, up 4 1/2 cents, currently up 1 1/4 cents
Dec 25 CBOT Wheat  closed at $5.23 3/4, up 4 1/2 cents, currently down 1 1/2 cents
Sep 25 KCBT Wheat  closed at $4.92 1/4, up 10 1/2 cents, currently unch
Dec 25 KCBT Wheat  closed at $5.17 1/4, up 12 cents, currently down 3 1/2 cents
Sep 25 MGEX Wheat  closed at $5.56, up 10 3/4 cents, currently unch
Dec 25 MGEX Wheat  closed at $5.77 3/4, up 10 3/4 cents, currently down 1 3/4 cents
On the date of publication, Austin Schroeder 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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