Wheat Steady to 3 Cents Lower in Report Aftermath

Wheat futures are UNCH to 3 cents lower across the three markets, with MPLS the firmest. Both KC and CHI had double digit losses on Monday. USDA put all wheat production at 1.980 bbu, up 59 mbu from July. That increase came from a mix of winter wheat (up 35.4 mbu) at 1.326 bbu and Other 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. 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. USDA cut projected Russian production another 1.2 MMT from July to 73 MMT.

--provided by Brugler Marketing & Management




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