AgriCharts Market Commentary

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Wheat Post Modest Turnaround Tuesday Drop

Wheat futures ended the Turnaround Tuesday session with most contracts 2 to 7 cents in the red. Japan’s weekly MOA tender is for 127,893 MT of US, Canadian, and Australian wheat, with 68,270 MT US specific. Egypt’s GASC set a tender for wheat due on Wednesday, with late Oct/early Nov delivery. Tariffs for Morocco’s wheat imports are dropping from 135% to 35% on October 1. Ethiopia is tendering for 400,000 MT of optional origin wheat, with the tender to close on Oct 23.

DEC 19 CBOT Wheat closed at $4.84 1/4, down 4 1/2 cents,

DEC 19 KCBT Wheat closed at $4.02 1/4, down 6 3/4 cents,

DEC 19 MGEX Wheat closed at $5.06 1/2, down 2 1/2 cents

Source: Brugler Marketing & Management

Wheat Showing Modest Turnaround Tuesday Drop

Wheat futures are down 2 to 7 cents in the front months at midday. While the spring wheat harvest is typically 93% complete by 9/15, NASS reported just 76% of the crop was out of the field. In their initial winter wheat planting progress release, they showed 8% of the crop in the ground, with 12% the average pace. Prospects for very low crop revenue insurance guarantee levels aren’t exactly encouraging planting. The lateness of the soybean harvest is also likely to limit winter wheat planting. Japan’s weekly MOA tender is for 127,893 MT of US, Canadian, and Australian wheat, with 68,270 MT US specific. Tariffs for Morocco’s wheat imports are dropping from 135% to 35% on October 1. Ethiopia is tendering for 400,000 MT of optional origin wheat, with the tender to close on Oct 23.

DEC 19 CBOT Wheat is at $4.81 3/4, down 7 cents,

DEC 19 KCBT Wheat is at $4.02 1/2, down 6 1/2 cents,

DEC 19 MGEX Wheat is at $5.06 1/4, down 2 3/4 cents

Source: Brugler Marketing & Management

Wheat Market Correcting 1 to 5 Cents After Monday Gain

Wheat futures are 1 to 5 cents lower since settling most contracts 2 to 9 1/4 cents higher on Monday. Chicago SRW is the weakest this morning, with MPLS spring wheat the firmest. While the spring wheat harvest is typically 93% complete by 9/15, NASS reported just 76% of the crop was out of the field. In their initial winter wheat planting progress release, they showed 8% of the crop in the ground, with 12% the average pace. Prospects for very low crop revenue insurance guarantee levels aren’t exactly encouraging planting, either. The lateness of the soybean harvest is also likely to limit winter wheat planting. Weekly Export Inspections data showed a total of 459,258 MT of wheat shipped during the week of 9/12. That was up 11.31% wk/wk and 11.70% larger year/year. YTD shipments are up 22.13% from the same time last year at 7.47 MMT (274.48 mbu).

Source: Brugler Marketing & Management

Wheat Posted Gains in Most Contracts on Monday

Wheat futures settled the Monday session with most contracts 2 to 9 1/4 cents higher. While the spring wheat harvest is typically 93% complete by 9/15, NASS reported just 76% of the crop was out of the field. In their initial winter wheat planting progress release, they showed 8% of the crop in the ground, with 12% the average pace. Weekly Export Inspections data showed a total of 459,258 MT of wheat shipped during the week of 9/12. That was up 11.31% wk/wk and 11.70% larger year/year. YTD shipments are up 22.13% from the same time last year at 7.47 MMT (274.48 mbu).

DEC 19 CBOT Wheat closed at $4.88 3/4, up 5 1/4 cents,

DEC 19 KCBT Wheat closed at $4.09, up 9 1/4 cents,

DEC 19 MGEX Wheat closed at $5.07 1/2, up 3 1/2 cents,

Source: Brugler Marketing & Management

Wheat Posting Midday Gains

Wheat futures are showing 4 to 8 1/4 cent gains in most contracts on Monday. Weekly Export Inspections data showed a total of 459,258 MT of wheat shipped during the week of 9/12. That was up 11.31% wk/wk and 11.70% larger mo/mo. YTD shipments are up 22.13% from the same time last year at 7.47 MMT (274.48 mbu). CFTC data showed specs in MPLS wheat futures and options adding 1,657 contracts to their record net short position to 22,805 contracts as of Tuesday.

DEC 19 CBOT Wheat is at $4.89 1/2, up 6 cents,

DEC 19 KCBT Wheat is at $4.08, up 8 1/4 cents,

Dec 19 MGEX Wheat is at $5.10 1/2, up 5 cents,

Source: Brugler Marketing & Management


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
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