Wheat Rallies on Monday, Double Digits in Some Cases
Wheat futures strengthened Monday, with CBOT soft red up 4–5 cents, KC HRW 10–12 cents higher, and MPLS spring wheat gaining 10–11 cents. USDA reported 85% of spring wheat harvested, slightly ahead of normal. Export inspections fell 47% week-on-week, while Ukraine and Russia raised wheat crop forecasts.
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.
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 .
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Source : BarChart
