Wheat Joins in on the Grain Rally

The wheat complex rallied across the three exchanges on Thursday. Chicago SRW contracts posted gains of 5 ¾ to 12 ½ cents across the board. KC HRW futures saw higher trade of 10 ¼ to 12 ¾ cents at the close. MPLS spring wheat saw contracts close 12 ½ to 15 ¾ cents in the green.

USDA will likely leave the US production estimates alone in this month’s WASDE, as they wait for the Small Grains Summary on September 30. They will have a chance to update the rest of the balance sheet, with traders looking for few changes, as a Bloomberg survey shows an average guess of 718 mbu, just 1 mbu above August.  On the world side, stocks are seen down 0.3 MMT to 273 MMT. 

Export Sales data is delayed to Friday due to the Monday holiday. Traders surveyed by Reuters are looking for between 250,000 and 500,000 MT in the week ending on September 3.

Sep 26 CBOT Wheat  closed at $7.23 1/4, up 12 cents,

Dec 26 CBOT Wheat  closed at $7.41 1/4, up 12 1/2 cents,

Sep 26 KCBT Wheat  closed at $8.04 1/4, up 12 1/2 cents,

Dec 26 KCBT Wheat  closed at $8.18 3/4, up 12 1/2 cents,

Sep 26 MIAX Wheat  closed at $7.43 3/4, up 15 3/4 cents,

Dec 26 MIAX Wheat  closed at $7.63 1/2, up 14 1/2 cents,

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