Wheats Close Weaker on Wednesday
Chicago prices ended the midweek session 2 ½ to 3 ½ cents lower, though Dec was a nickel off the low at the close. KC wheat ended down by 4 to 4 ¼ cents on the day. MGE HRS futures fell 4 ¾ to 5 ¼ cents on the day.
The Export Sales report will be released on Friday.
SovEcon estimates the October wheat exports to total between 3.9 MMT and 4.4 MMT for Russia. That would be below 4.5 MMT last season. The FanceAgriMer expects the 23/24 total wheat shipment to be 17.25 MMT, compared to the 17.16 MMT forecast last month. They had 9.8 MMT of the total to non-EU destinations.
Reports on the wire suggest Egypt’s GASC purchased 480k MT f Russian wheat. Japan issued a regular tender for U.S./Canada/Australia.
The Ukraine Ag Ministry reported winter grain planting at 3.7 MMT or 92% of expected area.
USDA’s NASS had winter wheat planting 57% finished by 10/8. That was up 17% points for the week and matches the average pace. Emergence was marked at 29% as of 10/8, up from 15% the week prior and vs. 30% during the same week last year.
Dec 23 CBOT Wheat closed at $5.56, down 2 1/2 cents,
Mar 24 CBOT Wheat closed at $5.87 1/4, down 2 3/4 cents,
Cash SRW Wheat was $4.74 1/1, down 2 1/2 cents,
Dec 23 KCBT Wheat closed at $6.67 1/4, down 4 cents,
Cash HRW Wheat was $6.04 1/4, down 3 3/8 cents,
Dec 23 MGEX Wheat closed at $7.18 1/4, down 5 1/4 cents,
On the date of publication, Alan Brugler 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.
