Wheat Double Digits Lower

Wheat trading starts the week with double digit weakness. Chicago SRW futures were the weakest 2.7% to 3.6% losses on the day. KC HRW futures fell back 14 1/4 to 17 cents. Spring wheat futures closed the day with 13 1/4 to 16 1/2 cent losses. Wheat exports from the week ending September 17 were reported at 469,939 MT. That was down 222k MT wk/wk and 18.7k MT below the same week last year. Japan was the top destination for the week with 95,726 MT, and at number two, Brazil was shipped 63,074 MT. Export Inspections data has MYTD wheat exports at 8.624 MMT, outpacing last MY by 7.6%. The weekly Crop Progress report showed spring wheat harvest was 96% complete, with 5% still to go for MT, and ND and 6% left in WA. Planting for 21/22 winter wheat is 20% complete. That is 1% ahead of average, but 2% behind the pre-report expectations. NASS also reported winter wheat emergence at 3%. IHS Markit estimates 2021 wheat planted area will increase 1.1m acres. Taiwan issued a tender for 91,300 MT of U.S. wheat. Pakistan is also seeking 300k MT of optional origin wheat. Egypt’s GASC issued an international wheat tender.

Dec 20 CBOT Wheat closed at $5.54 3/4, down 20 1/4 cents,

Dec 20 KCBT Wheat closed at $4.87 1/4, down 17 cents,

Dec 20 MGEX Wheat closed at $5.34 3/4, down 16 1/2 cents,

--- provided by Brugler Marketing & Management

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