Wheat Closes Lower on Larger Production and Losses in Corn

Wheat futures settled Monday with 22 to 27 3/4 cent losses in most winter wheat contracts on, as MPLS was the firmest but still down 10 1/2 cents in nearby Sep. USDA data updated this morning showed all wheat production at 1.980 bbu, up 59 mbu from July. That increase came from a mix of all winter wheat (up 35.4 mbu) at 1.326 bbu and spring wheat (up 21.3 mbu) at 596.66 mbu. Winter wheat yield was raised 1.4 bpa to 53.2 bpa. New crop US wheat carryout was up 14 mbu to 1.014 bbu. World wheat ending stocks for new crop were down 1.06 MMT to 285.4. According to FSA data, producers claimed 2.209 million acres of wheat as prevented plant. Weekly wheat shipments totaled 688,978 MT in the week that ended on August 8. That was 65.55% larger than the previous week and 41.36% above this week in 2018. Following the closing bell, weekly Crop Progress data showed the winter wheat harvest at 89% complete (96% avg), with spring wheat just 8% harvested (30% avg). Spring wheat conditions slipped 3% to 69% gd/ex, with the Brugler500 down 6 to 372. A Taiwan tender for 94,950 MT of US wheat will close this Wednesday. Private Russian wheat production estimates from IKAR were trimmed by 0.5 to 75.5 MMT, vs. USDA (down another 1.2 from July) at 73 MMT.

SEP 19 CBOT Wheat closed at $4.71 3/4, down 27 3/4 cents,

SEP 19 KCBT Wheat closed at $3.92 1/4, down 24 3/4 cents,

SEP 19 MGEX Wheat closed at $5.09 1/4, down 10 1/2 cents

--provided by Brugler Marketing & Management




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