The wheat complex saw strength on Monday, with the hard red contracts pushing higher. CBT soft red wheat futures were 4 to 5 cents in the green. KC HRW futures were 10 to 12 cents higher across the nearbys. There were 14 deliveries issued on Friday night. MPLS spring wheat was up 10 to 11 cents on the session.
The USDA weekly Crop Progress report showed 85% of the US spring wheat harvest complete by September 7, 1 percentage point ahead of normal.
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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.
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 closed at $5.05 1/2, up 4 1/2 cents,
Dec 25 CBOT Wheat closed at $5.23 3/4, up 4 1/2 cents,
Sep 25 KCBT Wheat closed at $4.92 1/4, up 10 1/2 cents,
Dec 25 KCBT Wheat closed at $5.17 1/4, up 12 cents,
Sep 25 MGEX Wheat closed at $5.56, up 10 3/4 cents,
Dec 25 MGEX Wheat closed at $5.77 3/4, up 10 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.
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