Wheat Falling Lower on Wednesday

The wheat complex is trading with losses across the three exchanges at midday. Chicago SRW is slipping 9 to 10 cents on Wednesday. KC HRW futures are leading the drive to the downside, with contracts 11 to 12 cents lower. MPLS spring wheat is down 8 to 9 cents at midday.

Winter wheat planting may be slowed this week, with 1 to 2 inches of rain expected from the TX panhandle to KS in the next week.

USDA’s Export Sales report will be out on Thursday, with traders looking for between 350,000 MT and 600,000 MT of wheat bookings in the week of 9/17.

EU wheat exports from July 1 to September 20 was estimated at 6.3 MMT according to the European commission, ahead of the 6.19 MMT last year. Coceral estimates the UK and EU wheat crops at 137.5 MMT, a 3.3 MMT reduction from their previous number.

Dec 26 CBOT Wheat  is at $7.08, down 9 1/4 cents,

Mar 27 CBOT Wheat  is at $7.23 1/2, down 9 3/4 cents,

Dec 26 KCBT Wheat  is at $7.69 3/4, down 11 1/2 cents,

Mar 27 KCBT Wheat  is at $7.83 1/2, down 11 3/4 cents,

Dec 26 MIAX Wheat  is at $7.27 1/4, down 9 cents,

Mar 27 MIAX Wheat  is at $7.49, down 8 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.