Wheat Posting Midday Gains
Wheat is a bright spot for the grain bulls on Tuesday with gains across the three exchanges. Chicago SRW futures are up 5 to 7 cents. KC HRW is 5 to 8 cents higher. MPLS spring wheat is 5 to 8 cents in the green. There were no deliveries issued for Chicago wheat overnight, with 5 delivery notices for September KC wheat.
Wheat production data will likely remain unchanged this month, as USDA waits for the Small Grains Summary report due at the end of the month. However, the WAOB will update the demand side of the balance sheets with any adjustments they deem necessary. The average of analysts surveyed by Bloomberg shows a slight 6 mbu cut to 822 mbu for US wheat ending stocks
NASS pegged the spring wheat crop at 85% harvested, which was above the 83% average. The winter wheat crop was 6% planted, matching the 5-year average.
The EU Commission estimates the marketing year (starting July 1) soft wheat exports from the EU totaling 4.82 MMT through 9/8, a drop from the 6.25 MMT in the year prior.
Sep 24 CBOT Wheat closed at $5.54 3/4, down 3/4 cent,
Dec 24 CBOT Wheat closed at $5.74 1/4, up 5 3/4 cents,
Sep 24 KCBT Wheat closed at $5.74 3/4, up 5 cents,
Dec 24 KCBT Wheat closed at $5.83 1/2, up 7 3/4 cents,
Sep 24 MGEX Wheat closed at $5.79, down 6 1/4 cents,
Dec 24 MGEX Wheat closed at $6.12 1/4, up 5 1/2 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.
