Wheat Market Commentary

Wheat futures ended the Thursday session with most KC contracts 8 to 10 cents lower. CBT was down 5 to 6 cents, with MPLS steady to 3 cents in the red. Export sales of all wheat during the week of 9/6 were 387,570 MT. That was a 2.1% jump from the week prior and 22.4% larger than the same week in 2017. Taiwan importers were the lead buyers of 112,500 MT, with Mexico next up at 37,000 MT. There was 429,086 MT in export shipments in that week. USDA left their mid-point for the cash average price for wheat at $5.10 on Wednesday, while trimming the range by 20 cents to $4.70-$5.50. Morocco issued a preferential tariff quota for 336,364 MT of US wheat on Thursday, with the tender to close on Sep 28 and delivery by Dec 31. Saudi Arabia is seeking 595,000 MT of wheat in a tender to close on Friday. Algeria purchased 630,000 MT of wheat on Thursday, with the origin likely French. Iraq is seeking 50,000 MT of wheat from the US, Canada, and Australia with the tender to close on 9/23.

Sep 18 CBOT Wheat closed at $4.71 3/4, down 10 cents,

Sep 18 KCBT Wheat closed at $4.77 1/2, down 5 cents,

Sep 18 MGEX Wheat closed at $5.51, unch,

Market Commentary provided by:

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