The wheat complex is posting gains across most contracts at midday. CBT soft red wheat futures are 1 to 3 cents in the green so far. KC HRW futures are 7 to 9 cents higher across the nearbys at midday. There were 14 deliveries issued on Friday night. MPLS spring wheat is up 7 to 8 cents in the front months ignoring in delivery September.
Export Inspections data showed 424,993 MT (15.62 mbu) of wheat shipped in the week that ended on September 4, which was a drop of 47.12% from the week prior and 31.57% below the same week last year. South Korea was the top destination of 68,604 MT, with 65,999 MT to the Philippines and 60,802 MT to Bangladesh. Marketing year shipments have totaled 7.065 MMT (259.6 mbu) since June 1, 10.09% larger yr/yr.
Commitment of Traders data showed spec funds in Chicago wheat futures and options adding just 356 contracts to their net short position as of Tuesday, taking it to 81,943 contracts. In Kansas City wheat, they increased their net short position by 6,000 contracts to 54,681 contracts by September 2nd.
The Ukrainian wheat production forecast according to APK-Inform was raised 2.2 MMT from their prior number to 21.9 MMT. The export projection was also up 1.4 MMT to 15.3 MMT. Sovecon estimates the Russian wheat crop at 86.1 MMT, up 0.7 MMT from the prior estimates.
Sep 25 CBOT Wheat is at $5.02, up 1 cent,
Dec 25 CBOT Wheat is at $5.22, up 2 3/4 cents,
Sep 25 KCBT Wheat is at $4.89 1/2, up 7 3/4 cents,
Dec 25 KCBT Wheat is at $5.14 1/4, up 9 cents,
Sep 25 MGEX Wheat is at $5.45 1/4, down 4 1/4 cents,
Dec 25 MGEX Wheat is at $5.73 3/4, up 7 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.
