The wheat complex is trading with contract rallying on Friday across the three markets. Chicago SRW contracts are trading 11 to 12 ½ cent gains at midday. KC HRW futures are 16 to 18 cents hihger so far on Friday. MPLS spring wheat is showing 11 to 12 cents higher as the market heads into the weekend.
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.
Export Sales data from Thursday tallied total wheat sales for the marketing year at 7.277 MMT, a 29% drop from the same period last year. That is now 35% of the USDA forecast and lags the 44% pace from a year ago.
The French soft wheat crop was estimated at 31.9 MMT according the country’s farm ministry, down just 0.1 MMT from last month.
Sep 26 CBOT Wheat is at $6.43 3/4, up 12 1/2 cents,
Dec 26 CBOT Wheat is at $6.62 1/4, up 11 3/4 cents,
Sep 26 KCBT Wheat is at $7.17 1/2, up 17 3/4 cents,
Dec 26 KCBT Wheat is at $7.34 1/4, up 16 3/4 cents,
Sep 26 MIAX Wheat is at $6.82 3/4, up 11 3/4 cents,
Dec 26 MIAX Wheat is at $7.05 3/4, up 11 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.
