Wheat showing losses in the winter wheat contracts at midday, with spring wheat feeling some strength. Chicago SRW futures are down 5 to 7 cents. Kansas City HRW contracts are down 7 to 9 cents. MPLS spring wheat futures are posting 1 to 3 cent gains following a production cut.
USDA’s Crop Production report from this morning showed a drop to overall US wheat output of 26 million bushels to 1.982 billion bushels. Most of that was due to a smaller spring wheat crop, down 34 mbu from the July report, with durum down 13 mbu. Winter wheat production was up 20 mbu from the previous month, mainly from HRW and white.
Overall, the tighter crop did shrink the US balance sheet by 28 mbu to 828 mbu. On the world side, the carryout was down 0.62 MMT, as a 2 MMT reduction to the EU production was offset by a 2.1 MMT increase to Ukraine and 1 MMT to Australia.
Wheat export inspections data showed a large 649,199 MT of wheat shipped for the week that ended on August 8. That was more than double the same week last year, as MY exports have totaled 4.219 MMT, 26.7% above last year.
Sep 24 CBOT Wheat is at $5.36 1/4, down 6 1/4 cents,
Dec 24 CBOT Wheat is at $5.59 1/4, down 6 1/2 cents,
Sep 24 KCBT Wheat is at $5.47, down 7 cents,
Dec 24 KCBT Wheat is at $5.61 1/2, down 9 cents,
Sep 24 MGEX Wheat is at $5.91 1/4, up 1 1/2 cents,
Dec 24 MGEX Wheat is at $6.10 3/4, up 2 1/4 cents,
On the date of publication, Alan Brugler 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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
