IKAR in Mass and Industry Media

Wheat Futures Red Into Wednesday

barchart.com

Wheat is trading down by 2 to 7 cents. Wheat prices pulled back in the afternoon and ended the day mixed. Spring wheat futures stayed 4 1/2 to 6 1/2 cents in the black for the settle. Chicago wheat prices were also higher going home with fractional to 2 1/2 cent gains. KC wheat ended the day fractionally mixed to 1 3/4 cents lower.

Wheat Futures Red Into Wednesday

Traders expect USDA to raise wheat output by 3.6 mbu on average ahead of the WASDE report. The by-class estimates have HRW up 2.8 mbu, SRW +3, white winter +1.4, other spring -4, +0.7 mbu for durum.

Egypt’s GASC booked 235k MT of Russian wheat via a tender that featured limited offerings and higher prices than the last one.

IKAR raised their production estimate for Russian wheat by 1.5 MMT to 88 MMT. SovEcon expects Russian wheat exports will total 48.1 MMT, compared to their prior projection of 47.2 MMT.

* Sep 23 CBOT Wheat closed at $6.56 1/4, down 1 1/4 cents, currently down 6 1/4 cents
* Dec 23 CBOT Wheat closed at $6.81 1/2, up 1/2 cent, currently down 6 1/2 cents
* Cash SRW Wheat was $5.88 1/2, down 1 1/4 cents,
* Sep 23 KCBT Wheat closed at $7.70 1/2, up 3/4 cent, currently down 1 3/4 cents
* Cash HRW Wheat was $7.09 1/1, up 3/4 cent,
* Sep 23 MGEX Wheat closed at $8.30 3/4, up 6 1/2 cents, currently down 2 1/4 cents

https://www.barchart.com/story/news/19222670/wheat-futures-red-into-wednesday

10.08.23

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