Wheat Rallying on Black Sea Strikes
The wheat complex is trading with early Wednesday gain across the three exchanges. Chicago SRW contracts were down 7 to 11 cents so far on the day. Open interest was up 15,741 contracts, suggesting new selling. KC HRW futures fell 8 to 15 1/4 cents lower across the board. MPLS spring wheat was 10 to 12 3/4 cents lower across most contracts.
There were Ukrainian drone strikes on Russia’s Novorossiysk port overnight, halting operations at the country’s largest port
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NASS will release updated production data for wheat on Wednesday via the monthly Crop Production report, with analysts surveyed by Reuters looking for 1.525 bbu of wheat, an `11 mbu cut from July if realized. Winter wheat is seen down 9 mbu to 981 mbu, with spring wheat expected to slip 7 mbu to 468 mbu. US ending stocks are seen at 715 mbu, which would be a 7 mbu drop from last month.
EU soft wheat exports from July 1 to August 9 have totaled 1.01 MMT according to European Commission data, down from the 2.36 MMT in the same week last year.
Sep 26 CBOT Wheat closed at $6.30 1/4, down 10 1/4 cents, currently up 15 cents
Dec 26 CBOT Wheat closed at $6.48 1/4, down 11 cents, currently up 14 3/4 cents
Sep 26 KCBT Wheat closed at $6.99 1/4, down 14 1/4 cents, currently up 21 1/2 cents
Dec 26 KCBT Wheat closed at $7.16, down 15 1/4 cents, currently up 21 1/4 cents
Sep 26 MIAX Wheat closed at $6.59 1/4, down 10 3/4 cents, currently up 11 3/4 cents
Dec 26 MIAX Wheat closed at $6.85 1/2, down 10 1/2 cents, currently up 12 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.
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