Wheat Posts Monday Losses

The wheat complex posted losses across the three exchanges on Monday. Chicago SRW was down 9 1/2 to 14 3/4 cents on the day. KC HRW futures were 11 to 16 3/4 cents lower the close. MPLS spring wheat was 4 1/2 to 11 3/4 cents in the red.

This week’s NASS Crop Progress report showed 27% of winter wheat crop was planted as of Sunday, lagging the 5 year average for planting pace by 7 percentage points. Emergence was at 8%.

Monday morning’s Export Inspections report showed wheat shipments of 310,635 MT (11.41 mbu) in the week of 9/24. That was down 8.62% from the week prior and 64.44% below the same week last year. The Philippines was the largest destination of 120,999 MT, with 68,640 MT shipped to Mexico and 54,999 MT headed to Nigeria. The marketing year total is now 6.343 MMT (233.47 mbu) of shipments, which is now 34.42% below the same period last year.

NASS will release their quarterly Grain Stocks data on Wednesday, as a Reuters survey of analysts are looking for September 1 wheat stocks of 1.857 billion bushels. That would be a drop of 277 mbu from a year ago if realized.

Dec 26 CBOT Wheat  closed at $6.88 3/4, down 14 1/2 cents,

Mar 27 CBOT Wheat  closed at $7.03 1/2, down 14 3/4 cents,

Dec 26 KCBT Wheat  closed at $7.45 3/4, down 16 1/4 cents,

Mar 27 KCBT Wheat  closed at $7.57 3/4, down 16 1/4 cents,

Dec 26 MIAX Wheat  closed at $7.02 3/4, down 11 3/4 cents,

Mar 27 MIAX Wheat  closed at $7.23 3/4, down 11 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.