Wheat Bounces on Wednesday Morning

Wheat is showing gains of 3 to 8 cents across the three classes this morning.  Wheat futures settled lower across the three exchanges on Tuesday, with Chicago leading the way. The SRW contracts were down 13 to 15 cents. KC HRW futures were 11 to 14 cents lower, with MPLS spring wheat down 8 to 11 cents.

Crop Progress data showed the PWN region behind in winter wheat harvest, with ID 41% below normal, WA down 29% and MN and OR both lagging. The spring wheat harvest in all but SD was behind the 5-year average pace, with ND just 5% harvested. Condition ratings in SD were down 6 points, with ND steady and MN up 3.

SovEcon increased their Russian wheat production projection by 3.8MMT to 94.7 MMT, citing record yields. Russian wheat exports have started the year slowly, with 4.67 MMT shipped since July 1. That’s down about 13% from last year according to an item on Interfax.

Sep 22 CBOT Wheat  closed at $7.86, down 14 3/4 cents, they are up 4 ¾ cents this morning

Dec 22 CBOT Wheat  closed at $8.02 3/4, down 15 cents, they are up 5 cents this morning

Cash SRW Wheat  was $7.32 1/1, down 14 7/8 cents,

Sep 22 KCBT Wheat  closed at $8.71 3/4, down 11 cents, they are up 7 ½ cents this morning

Cash HRW Wheat  was $8.26 1/1, down 10 7/8 cents,

Sep 22 MGEX Wheat  closed at $9.02 3/4, down 8 cents, they are up 3 ¾ cents this morning