Wheat

Wheat futures are currently steady to a penny higher in the CHI and KC contracts, with MPLS spring wheat up 3 to 4 cents. The Monday session ended with most contracts steady to 7 cents lower. Wheat inspections for export totaled 446,957 MT for the week of September 7, 53.74% larger than last week but 39.93% behind last year. The USDA Crop Progress report showed 95% of the spring wheat crop harvested, 8% above the average. Analysts in the big surveys are expecting the USDA will adjust the world wheat carry over slightly lower. They are projecting 264.3 MMT in 17/18 world ending stocks. Russian numbers are expected to be higher, with Australia lower. Australian 2017/18 wheat production was lowered to 21.6 MMT by the country’s ABARE agency.




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