Wheat Fades to Round Out August, but Bulls Fight Back into the Close

The wheat complex is facing some month end pressure to close out August. Chicago SRW contracts posted 3 ¾ to 10 ¼ cent losses, as contracts were 15 to 18 cents off the lows. There were just 9 deliveries first notice day for Sep CBT wheat.  KC HRW futures were down 1 ½ to 7 ½ cents in the front months, with deferreds up 1 to 11 cents. There were 143 delivery notices for September KC wheat on FND. MPLS spring wheat was down 2 to 6 1/4 cents at the close.

Over the weekend, Turkey was reportedly pushing for a Black Sea shipping corridor to help restore the flow of grains, which have been limited.

The weekly NASS Crop Progress report showed 77% of the US spring wheat crop harvested by Sunday, 9% ahead of the normal pace.

Monday’s weekly Export Inspections report showed wheat shipments of 430,925 MT (15.83 mbu) in the week of 8/27. That was slightly below the week prior and 46.46% below the same week last year. The Philippines was the largest destination of 131,831 MT, with 100,544 MT shipped to Taiwan and 70,756 MT to Mexico. Shipments for the marketing year are now 4.777 MMT (175.52 mbu) of wheat, which is 28.4% below the same period last year.

Sep 26 CBOT Wheat  closed at $7.56 1/2, down 10 1/2 cents,

Dec 26 CBOT Wheat  closed at $7.74, down 10 cents,

Sep 26 KCBT Wheat  closed at $8.20 1/4, down 7 1/2 cents,

Dec 26 KCBT Wheat  closed at $8.38, down 6 1/4 cents,

Sep 26 MIAX Wheat  closed at $7.39 1/4, down 6 cents,

Dec 26 MIAX Wheat  closed at $7.63, down 6 1/4 cents,