Wheat Lower on Monday Morning

Wheat futures are trading 13 to 19 ¾ cents lower this morning, led by KC and MPLS. They were weaker on Friday. CBT led the way for the winter wheat, down 3 to 6 ¼ cents per bushel in the active contracts. KC HRW contracts were fractionally mixed. MPLS spring wheat futures were down 2 to 4 ¼ cents on the day.

NASS raised projected US wheat production 2 mbu to 1.783 bbu. That was via other spring wheat, which was up 8 mbu to 511.69 mbu. Winter wheat was down 4 mbu to 1.197 bbu, as HRW was cut 9, with SRW up 6 mbu. On the WASDE side of things, carryout for 22/23 was down 29 mbu to 610 mbu on the smaller production and larger expected exports. 

The world balance sheet saw some shifting around, with smaller US stocks. Carryout was down just 0.18 MMT to 267.34 MMT. Russian wheat production was up 6.5 MMT to 88 MMT, which took stocks 2.75 MMT on larger exports and use. EU production was down 2 MMT, with Ukrainian stocks down 1 MMT. 

Specs were not in the mood to buy wheat in the week ending on August 9th. In CBT wheat, they added 5,378 contracts to their net short position as of Tuesday to 20,348 contracts. In KC, they trimmed 1,969 contracts on the week to 8,023 contracts. They were also net sellers of MPLS wheat, with the net short position up 363 contracts to 1,015 contracts. 

Sep 22 CBOT Wheat  closed at $8.06, down 4 3/4 cents, they are down 16 ¾ cents this morning

Dec 22 CBOT Wheat  closed at $8.22 ½, down 3 3/4 cents, they are down 15 ¾ cents this morning

Cash SRW Wheat  was $7.52 ¾ on Friday, down 4 7/8 cents,

Sep 22 KCBT Wheat  closed at $8.89 1/4, down 0 cent, they are down 18 ¾ cents this morning

Cash HRW Wheat  was $8.44 ½ on Friday, up 1/8 cent,

Sep 22 MGEX Wheat  closed at $9.19 1/2, down 2 1/4 cents, they are down 19 ¾ cents this morning