Wheat Market Commentary

Wheat futures closed between 17 and 21 cents lower this afternoon. This morning’s NASS Crop Production report tallied all wheat production for 2018 at 1.877 bbu, just 4 mbu smaller than the previous report. HRW was seen at 661.22 mbu, with SRW at 291.8 mbu. Production of the spring wheat crop was just slightly higher to 614.155 mbu, as yield was UNCH from July at 47.6 bpa. They disagree with the Wheat Tour. US ending stocks of 18/19 wheat were shown at 935 mbu on a 50 mbu addition to the export projection. Production of the Russian wheat crop was up 1 to 68 MMT, with private estimates from SovEcon at 68.4 MMT and IKAR at 70.1 MMT. The New Crop world ending stocks projection was cut by 1.92 to 258.96 MMT. EU production was cut 7.5 MMT (275 million bushels!). The Commitment of Traders report shows money managers adding 11,655 contracts to their net long position in CBT futures for the week ending August 7. They also added 15,150 contracts to their net KC long position at 55,086 contracts on that date.

Sep 18 CBOT Wheat closed at $5.46 3/4, down 17 3/4 cents,

Sep 18 KCBT Wheat closed at $5.59 3/4, down 18 3/4 cents,

Sep 18 MGEX Wheat closed at $6.08 3/4, down 21 cents




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