Wheat is starting out September with contracts mixed, but holding withing a few cents of unchanged. Futures are at least 10 to 15 cents off the overnight highs. 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. Open interest suggested modest profit taking, down 938 contracts. There were another 9 deliveries overnight against 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. Open interest was up 2,470 contracts. There were 60 delivery notices for September KC wheat overnight. 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, currently up 3 1/4 cents
Dec 26 CBOT Wheat closed at $7.74, down 10 cents, currently up 1 3/4 cents
Sep 26 KCBT Wheat closed at $8.20 1/4, down 7 1/2 cents, currently down 3/4 cent
Dec 26 KCBT Wheat closed at $8.38, down 6 1/4 cents, currently down 1 cent
Sep 26 MIAX Wheat closed at $7.39 1/4, down 6 cents, currently down 1/2 cent
Dec 26 MIAX Wheat closed at $7.63, down 6 1/4 cents, currently up 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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