Wheat futures came out of the Labor Day holiday with gains across the board. Chicago SRW futures were up 15 to 19 cents in the nearbys. KC HRW was 11 to 14 cents higher in the front months. MPLS spring wheat posted 4 to 8 cent gains on Tuesday.
USDA’s weekly Export Inspections report showed 577,944 MT (21.2 mbu) of wheat shipped in the week that ended on August 29. That was well above the same week last year and 5.18% above the same week last year. Mexico was the largest destination of 135,061 MT, with 112,672 MT headed to the Philippines. Marketing year shipments are 5.736 MMT (210.77 mbu) through 8/29, up 31.92% from last year.
Crop Progress data from NASS showed 70% of the US cotton crop harvested, in line with the 5-year average. The winter wheat crop was 2% planted by Sunday, even with the normal pace.
Wheat production out of Australia is pegged at 31.8 MMT according to ABAREA, up 2.7 MMT from their previous number.
Sep 24 CBOT Wheat closed at $5.52, up 19 1/4 cents,
Dec 24 CBOT Wheat closed at $5.66 3/4, up 15 1/4 cents,
Sep 24 KCBT Wheat closed at $5.66 1/2, up 14 cents,
Dec 24 KCBT Wheat closed at $5.76 1/4, up 11 cents,
Sep 24 MGEX Wheat closed at $5.78 1/2, up 4 3/4 cents,
Dec 24 MGEX Wheat closed at $6.07 1/4, up 6 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 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.
