Wheat Posts Losses on Tuesday, as Bulls Fail to Follow Through from Monday
The wheat complex was lower on Tuesday, with weakness across much of the board. CBT soft red wheat futures were down 3 to 5 cents on Tuesday. KC HRW futures were 4 to 7 cents lower at the close. There were another 2 deliveries issued overnight. MPLS spring wheat was 2 to 4 cents in the red at the final bell.
The USDA weekly Crop Progress report showed 85% of the US spring wheat harvest complete by September 7, 1 percentage point ahead of normal. Montana and the Dakotas were lagging behind, with the other three major states ahead of normal harvest pace.
Ukraine winter wheat acreage is expected to be up to 4.75 million hectares (11.74 million acres), a 0.25 million hectare (617,700 acre) increase from last year according to the country’s economy ministry. European Commission data shows wheat exports accumulating to 3.2 MMT as of September1 since July 1, still behind the 5.05 MMT from the same time last year. Stats Canada reported July 31 stocks of wheat at 4.112 MMT, down 22.1% from last year, as wheat excluding durum was down 21.5% at 3.616 MMT.
Sep 25 CBOT Wheat closed at $5.00 3/4, down 4 3/4 cents,
Dec 25 CBOT Wheat closed at $5.20 1/4, down 3 1/2 cents,
Sep 25 KCBT Wheat closed at $4.87 1/2, down 4 3/4 cents,
Dec 25 KCBT Wheat closed at $5.10 1/4, down 7 cents,
Sep 25 MGEX Wheat closed at $5.53 3/4, down 3 1/4 cents,
Dec 25 MGEX Wheat closed at $5.74, down 2 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 Barchart Disclosure Policy here.