The wheat complex pulled back into the Monday close, as contracts saw mostly fractional gains. KC HRW futures were fractionally higher in the front months. CBT soft red wheat futures were up ½ cent in the nearbys. MPLS spring wheat saw a ¼ cent gain in September, with Dec down 2 ½ cents.
Crop Progress data from USDA showed the US winter wheat 90% harvested, with 91% the normal harvest pace. The spring wheat harvest was 16% complete, behind the 22% average. Conditions were listed at 49% gd/ex, back up 1%, though the Brugler500 index was down 1 at 331 on higher very poor ratings.
Export Inspections data showed 365,486 MT (13.43 mbu) of wheat shipped in the week that ended on August 7, which was down 47.01% from the week prior and 45.37% below the same week last year. Mexico was the top destination of 80,401 MT, with 68,034 MT to Vietnam and 49,658 MT to Nigeria. Marketing year shipments have totaled 4.367 MMT (160.45 mbu) since June 1, 2.37% larger yr/yr.
Analysts estimate the US wheat production total to be tallied at 1.922 billion bushels in Tuesday’s Crop Production report, which would be down 7 mbu from last month. They also see new crop stocks down 8 mbu to 882 mbu.
Ukraine’s wheat production estimate from APK-Inform was trimmed by 0.9 MMT to 19.7 MMT.
Sep 25 CBOT Wheat closed at $5.15, up 1/2 cent,
Dec 25 CBOT Wheat closed at $5.35 1/2, up 1/2 cent,
Sep 25 KCBT Wheat closed at $5.19, up 3/4 cent,
Dec 25 KCBT Wheat closed at $5.37 1/2, up 1/4 cent,
Sep 25 MGEX Wheat closed at $5.77, up 1/4 cent,
Dec 25 MGEX Wheat closed at $5.95 3/4, down 2 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.
