Wheat Trading on the Lower Side at Midday
The wheat complex is trading with mostly lower trade on Thursday. Chicago SRW is fractionally lower so far at midday. KC HRW futures are down 3 to 4 cents at midday. MPLS spring wheat is fractionally lower on the session.
USDA’s Export Sales report from this morning showed 289,255 MT of wheat sales in the week of 9/24, on the lower side of traders looking for between 250,000 MT and 450,000 MT. That was up 8.11% from last week but down 8.43% from the same week last year.
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The NASS Small Grains Summary from Wednesday showed all wheat production at 1.534 bbu, which was up just 3 mbu from the August Crop Production report and slightly above trade estimates. HRW was tallied at 466 mbu, with SRW at 294 mbu, and white winter wheat at 259 mbu. Spring wheat was pegged at 449.5 mbu.
NASS released their quarterly Grain Stocks data on Wednesday, with September 1 stocks tallied at 1.846 bbu 1.857 billion bushels. That would was a drop of 288 mbu from a year ago and below estimates.
A Taiwan flour mill tendered to purchase an estimated 105,800 MT of wheat from the US, with offers due next Wednesday. A South Korean mill importer purchased 100,000 MT of wheat from the US overnight. Saudi Arabia issued a tender for 535,000 MT of wheat with offers due on Friday.
Dec 26 CBOT Wheat is at $6.75 1/2, down 1/4 cent,
Mar 27 CBOT Wheat is at $6.90, down 3/4 cent,
Dec 26 KCBT Wheat is at $7.29 3/4, down 3 1/4 cents,
Mar 27 KCBT Wheat is at $7.43 1/2, down 3 cents,
Dec 26 MIAX Wheat is at $6.92 1/2, down 3/4 cent,
Mar 27 MIAX Wheat is at $7.13 1/4, down 1/4 cent,
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.
