AgriCharts Market Commentary

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Wheat

Wheat futures posted fractional to 4 1/2 cent gains in most KC and CBT contracts on Wednesday, with MPLS 10 to 13 cents higher in the nearby contracts. Ahead of Thursday’s Export Sales report, traders are expecting 17/18 wheat export sales to be in the range of 350,000-550,000 MT, as last week’s report show sales blowing by analysts’ estimates. The Spring wheat tour is currently underway, with final results expected Thursday. The Day 1 average was 37.9 bpa vs. last year at 43.1.The 5 year average is 45.7 bpa. Results from Day 2 will be out later this afternoon.

Sep 17 CBOT Wheat closed at $4.77 3/4, up 3 3/4 cents,

Sep 17 KCBT Wheat closed at $4.75 1/2, up 2 3/4 cents,

Sep 17 MGEX Wheat closed at $7.30, up 12 1/2 cents

Wheat

Wheat futures are showing fractional gains in the KC and CBT contracts at midday, with MPLS 6 to 8 cents higher in the nearby contracts. The Spring wheat tour is currently underway, with final results expected Thursday. The Day 1 average was 37.9 bpa vs. last year at 43.1.The 5 year average is 45.7 bpa. Egypt’s GASC purchased 420,000 MT of wheat on Tuesday, with 5 cargos from Russia, 1 from Ukraine, and 1 from Romania. Egypt’s supply ministry estimates reserves are at 4.6 MMT, which should last 6 months.

Sep 17 CBOT Wheat is at $4.74 3/4, up 3/4 cent,

Sep 17 KCBT Wheat is at $4.73 1/4, up 1/2 cent,

Sep 17 MGEX Wheat is at $7.24, up 6 1/2 cents

Wheat

Wheat futures are posting 3 to 4 cents gains in all three markets this morning. They ended Tuesday with 8 to 14 3/4 cent losses in most CBT and KC contracts, as MPLS spring wheat was down 20 to 33 cents in most contracts. The 2017 US winter wheat harvest is 84% completed, with 7 of the 18 states listed as 100% done, including TX, OK and KS. The Spring wheat crop is 96% headed, with only ID and WA lagging averages. ND spring wheat ratings were up 2 points, as MT was unchanged. SD conditions were down 4 points, with ID down 11 and WA 8 points lower. The Spring wheat tour is currently underway, with final results expected Thursday. The Day 1 average was 37.9 bpa vs. last year at 43.1. The 5 year average is 45.7 bpa. Egypt’s GASC purchased 420,000 MT of wheat on Tuesday, with 5 cargos from Russia, 1 from Ukraine, and 1 from Romania.

Wheat

Wheat futures ended Tuesday with 8 to 14 3/4 cent losses in most CBT and KC contracts, as MPLS was down 20 to 33 cents in most contracts. The 2017 US winter wheat harvest is 84% completed, with 7 of the 18 states listed as 100% done, including TX, OK and KS. The Spring wheat crop is 96% headed, with only ID and WA lagging averages. ND spring wheat ratings were up 2 points, as MT was unchanged. SD conditions were down 4 points, with ID down 11 and WA 8 points lower. Egypt’s GASC purchased 420,000 MT of wheat on Tuesday, with 5 cargos from Russia, 1 from Ukraine, and 1 from Romania.

Sep 17 CBOT Wheat closed at $4.74, down 14 3/4 cents,

Sep 17 KCBT Wheat closed at $4.72 3/4, down 14 3/4 cents,

Sep 17 MGEX Wheat closed at $7.17 1/2, down 33 cents

Wheat

Wheat futures are mostly 9 to 10 1/2 cents lower in the CBT and KC contracts, as MPLS is 24 1/4 cents lower in the front month. The 2017 US winter wheat harvest is 84% completed, ahead of last year’s 82% and the average of 80%. The Spring wheat crop is 96% headed, as the 2017 spring wheat tour starts today. Spring wheat condition ratings dropped another 1% to 33% g/e as expected. The Brugler500 index is now at 277, down 1 point from last week. ND ratings were up 2 points, as MT was unchanged. SD conditions were down 4 points, with ID down 11 and WA 8 points lower. Egypt’s GASC is seeking wheat for Sep 1-10 delivery, as the lone US offer was $213 FOB, with Russia presenting the lowest offer at $202.35 FOB. Results will be announced this afternoon.

Sep 17 CBOT Wheat is at $4.78 1/4, down 10 1/2 cents,

Sep 17 KCBT Wheat is at $4.78, down 9 1/2 cents,

Sep 17 MGEX Wheat is at $7.26 1/4, down 24 1/4 cents


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