Wheat Pulls Back to Close Mixed on Monday
The wheat complex ended Monday mixed. CBOT soft red wheat futures were slightly lower in front months, KC HRW futures gained 2¼–3¼ cents, while MPLS spring wheat nearby contracts lost 3¾ cents. US winter wheat planting reached 34%, emergence 13%. Weekly export inspections totaled 738,604 MT, down 21% from last week. Dec 25 CBOT closed $5.19½, KCBT $5.08¼, MGEX $5.69¼.
The wheat complex closed the Monday session mixed across the three markets. CBT soft red wheat futures were fractionally mixed and front months lower. KC HRW futures posted 2 ¼ to 3 ¼ cent gains across the board. MPLS spring wheat futures saw losses of 3 ¾ cents in the nearby contracts.
The Monday afternoon Crop Progress report showed 34% of the US winter wheat crop planted, 2 points behind normal. Emergence was 13%, 1 point ahead of average.
Export Inspections data showed 738,604 MT (27.14 mbu) of wheat shipped in the week that ended on September 25, which was a drop of 21.41% from the week prior but 33.85% below the same week last year. Nigeria was the top destination of 140,472 MT, with 117,824 MT to Bangladesh and 89,115 MT to Japan. Marketing year shipments have totaled 9.537 MMT (350.4 mbu), 15.12% larger yr/yr.
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. The Small Grains Summary is expected to show all wheat production at 1.921 bbu, which would be 6 mbu below the August Crop Production report.
Dec 25 CBOT Wheat closed at $5.19 1/2, down 1/4 cent,
Mar 26 CBOT Wheat closed at $5.37 3/4, down 1/2 cent,
Dec 25 KCBT Wheat closed at $5.08 1/4, up 2 3/4 cents,
Mar 26 KCBT Wheat closed at $5.29, up 2 3/4 cents,
Dec 25 MGEX Wheat closed at $5.69 1/4, down 3 3/4 cents,
Mar 26 MGEX Wheat closed at $5.89 1/4, down 3 3/4 cents .
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Source : BarChart
