Wheat Markets Down at Midday

Coming out of the weekend, front month wheat futures look to add more to the downside. Chicago SRW wheat futures are trading 4 to 4 3/4 cents lower so far. HRW futures start the new week with midday losses of 3 1/4 to 3 1/2 cents. MGE wheat futures are down by as much as 3 1/2 cents. USDA’s weekly export data from the week ending August 6 showed that 379,949 MT of wheat was exported. That was down 32% wk/wk, and 47% below the same week last year. Of the week’s wheat shipments, 47% was HRW, and 23% was destined for Japan. Other significant destinations for the week were China with 17%, Philippines 15%, and Brazil with 11%. MYTD wheat exports via the weekly report were 2% ahead of 19/20’s pace with 5.067 MMT. Ukraine’s wheat harvest was 87% complete as of August 6. As French wheat harvest wraps up, estimates are for 29-30 MMT. Estimates ahead of the Crop Progress report are 91% of winter wheat harvest completed and 14% of national spring wheat cut. A Bloomberg survey of analysts shows the average estimate for US wheat production is 1.832 bbu, with 1.218 bbu winter wheat. The average estimate for World wheat stocks is ~314.7 MMT. Pakistan is tendering for 1.5 MMT of optional origin wheat.

Sep 20 CBOT Wheat is at $4.91 1/4, down 4 1/4 cents,

Sep 20 KCBT Wheat is at $4.12, down 3 1/2 cents,

Sep 20 MGEX Wheat is at $4.91, down 3 1/2 cents,

--- provided by Brugler Marketing & Management




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