Wheat Starts the Week with Weakness
The wheat complex was lower across the three markets on Monday. CBT soft red wheat futures posted 1 to 3 ¾ cent losses on the day. KC HRW futures were fractionally lower to close the session. MPLS spring wheat saw 2 to 3 cent losses on the day.
Crop Progress data from USDA showed the US winter wheat 94% harvested, with 95% the normal harvest pace. The spring wheat harvest was 36% complete, behind the even with the 5-year average. Conditions were listed at 50% gd/ex, up 1%, with the Brugler500 index back up 2 points at 333.
USDA tallied wheat export shipments at 395,240 MT (14.52 mbu) during the week ending on August 14. That was down 4.73% from last week but 5.59% above the same week last year. Of that total, 65,265 MT was headed to Mexico, with 65,897 MT on its way to Japan and 51,630 MT to Egypt. Marketing year exports have totaled 4.811 MMT (176.79 mbu), which is 3.69% above the same period last year.
Russia’s wheat crop is projected to total 85.5 MMT, which is up from the 84.5 MMT previous estimate. The country’s export forecast was increased by 1 MMT to 42.5 MMT.
Sep 25 CBOT Wheat closed at $5.02 3/4, down 3 3/4 cents,
Dec 25 CBOT Wheat closed at $5.25, down 2 cents,
Sep 25 KCBT Wheat closed at $5.06 1/4, down 3/4 cent,
Dec 25 KCBT Wheat closed at $5.28 1/4, down 1/4 cent,
Sep 25 MGEX Wheat closed at $5.68 3/4, down 2 1/4 cents,
Dec 25 MGEX Wheat closed at $5.86 1/4, down 3 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.
