Wheat Starting Pre-Labor Day Weekend Trade with Slight Weakness

Wheat is starting Friday off with slight weakness. The wheat complex faced Thursday weakness at the close but found buyers off the lows. Chicago SRW contracts were down 12 to 21 cents at the close, but bulls battled back from early near limit losses. Open interest was down 1,366 contracts. There was just 1 delivery notice against September overnight.  KC HRW futures were 13 to 20 1/4 cents lower. MPLS spring wheat was down 16 ½ to 20 cents on the session. The market will be closed on Monday for Labor Day.

Early on Thursday Russia’s President Putin stated there was a chance of the peace deal with Ukraine. 

Export Sales data from Thursday morning showed 313,516 MT of wheat sales in the week of August 27. That was a 3-week low, but up 0.17% from the same week last year. The largest buyer was Mexico at 80,400 MT, with 57,100 MT sold to the Philippines and 35,000 MT to Egypt. 

Monthly Census data from Thursday morning showed 1.648 MMT (60.55 mbu) of wheat shipped in July, which was down 27.46% yr/yr and a 4 year low.

Saudi Arabia issued a tender for 535,000 MT of wheat this week with a deadline for Friday. 

Sep 26 CBOT Wheat  closed at $7.36, down 18 3/4 cents, currently up 5 1/4 cents

Dec 26 CBOT Wheat  closed at $7.54 1/4, down 19 3/4 cents, currently down 2 3/4 cents

Sep 26 KCBT Wheat  closed at $7.98 1/2, down 16 1/4 cents, currently up 4 1/2 cents

Dec 26 KCBT Wheat  closed at $8.15 1/2, down 18 3/4 cents, currently down 1 1/2 cents

Sep 26 MIAX Wheat  closed at $7.40 3/4, down 20 cents, currently up 4 1/4 cents

Dec 26 MIAX Wheat  closed at $7.66 1/2, down 16 1/2 cents, currently down 1/2 cent

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.