The wheat market is trading with Friday losses across the three markets. CBT soft red wheat futures are trading with midday losses of 7 to 7 ¼ cents on Friday. KC HRW futures are 7 to 8 cents lower at midday. MPLS spring wheat futures are back down 5 to 6 cents as bulls fail to push higher following Thursday’s strength.
The weekly USDA Export Sales report has export sale commitments now at 13.699 MMT, which is up 23% from last year and the highest since 2013/14. That is 56% of the USDA export projection and ahead of the 5-year average pace at 54%.
USDA’s Grain Stocks report will be released on Tuesday, with analysts looking for 2.054 bbu of wheat stocks on hand on September 1 according to Bloomberg’s survey. The range of estimates is 1.975 to 2.22 bbu.
Sovecon estimates the Russian wheat exports at 43.4 MMT, down 0.3 MMT from the previous estimate.
Dec 25 CBOT Wheat is at $5.19 3/4, down 7 1/4 cents,
Mar 26 CBOT Wheat is at $5.38, down 7 cents,
Dec 25 KCBT Wheat is at $5.05, down 7 1/4 cents,
Mar 26 KCBT Wheat is at $5.25 3/4, down 7 1/2 cents,
Dec 25 MGEX Wheat is at $5.67 1/2, down 5 1/2 cents,
Mar 26 MGEX Wheat is at $5.87 1/4, down 5 3/4 cents,
