Wheat Sees New Month Buying on Tuesday
Wheat futures rose post-Labor Day, with Chicago SRW up 15-19 cents, KC HRW increasing by 11-14 cents, and MPLS spring wheat gaining 4-8 cents. The USDA reported 577,944 MT of wheat exported in the week ending August 29, a 5.18% increase from last year. Australian wheat production is forecasted at 31.8 MMT, up 2.7 MMT. Key futures prices: Sep CBOT at $5.52 (+19.25 cents), Dec CBOT at $5.66.75 (+15.25 cents), Sep KCBT at $5.66.50 (+14 cents), and Dec KCBT at $5.76.25 (+11 cents).
Wheat futures came out of the Labor Day holiday with gains across the board. Wheat 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
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Source Link : https://www.barchart.com/story/news/28349865/wheat-sees-new-month-buying-on-tuesday
