Wheat Market Commentary

Wheat futures are steady to 3 cents lower this morning, with MPLS spring wheat the firmest and Chicago the weakest. They settled with 10 to 13 1/4 cent losses in the front months on Wednesday. The USDA left the 2018/19 US ending stocks UNCH at 935 mbu. They are waiting for better small grains data in the September 28 reports. No change was made to the US export forecast despite upward revisions in the Russian production. World ending stocks for 17/18 were up 1.29 MMT to 274.36 MMT, while the 18/19 carryout number was 2.33 higher at 261.29 MMT. Russian production was back up 3 MMT to 71 MMT, with Canada down 1 MMT and Australia down 2 MMT. India was 2.7 MMT higher. Acreage data released by the FSA showed that producers had enrolled 371,772 prevent plant acres for wheat as of 9/6. That was 8,565 acres above August. Analysts are looking for USDA to show 18/19 wheat export bookings of 300,000-500,000 MT for the week of 9/6 later this morning. Egypt’s GASC purchased 235,000 MT of Russian wheat in their latest tender on Wednesday.

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