Wheat Fading Back to Start Wednesday Trade

Wheat is starting off Wednesday trade with contracts down 5 to 11 cents. The wheat complex started off September with an extension of the rally. Chicago SRW contracts were up 4 ¼ to 9 3/4 cents on the day. Open interest was up 12,816 contracts on Tuesday. There were another 9 deliveries overnight against Sep CBT wheat.  KC HRW futures were 1 ½ to 7 ¼ cents higher at the close. OI rose 3,495 contracts. There were 29 delivery notices for September KC wheat overnight. MPLS spring wheat 7 ¾ to 16 1/4 cents in the green at the final bell.

Overnight, Russia suspended the export duty on grain exports through the end of the year. 

The weekly NASS Crop Progress report showed 77% of the US spring wheat crop harvested by Sunday, 9% ahead of the normal pace.

EU soft wheat exports have totaled 4.16 MMT as of August 30 since July 1, which is now down just 0.16 MMT from last year.

Sep 26 CBOT Wheat  closed at $7.64, up 7 1/2 cents, currently down 9 3/4 cents

Dec 26 CBOT Wheat  closed at $7.82 1/2, up 8 1/2 cents, currently down 7 cents

Sep 26 KCBT Wheat  closed at $8.25 3/4, up 5 1/2 cents, currently unch

Dec 26 KCBT Wheat  closed at $8.45 1/4, up 7 1/4 cents, currently down 10 3/4 cents

Sep 26 MIAX Wheat  closed at $7.56 1/2, up 16 1/4 cents, currently unch

Dec 26 MIAX Wheat  closed at $7.77 3/4, up 13 3/4 cents, currently down 4 1/4 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.