Hard Red Wheat (P) Futures PricesThu, Sep 29th, 2016
Latest Brugler Hard Red Wheat (P) Report
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Wheat futures settled with losses of 3 to 4 1/4 cents for HRW and SRW, but HRS contracts were mostly 1 1/4 cents higher. Expectations heading into the weekly USDA Export Sales report this morning were for somewhere between 400,000 MT and 650,000 MT worth of new bookings. USDA put the actual figure at a neutral 570,800 MT. Shipments were a new high for the marketing year at 843,400 MT, up 53% from the previous week. Crop concerns in Canada and Australia offer some support. According to a Bloomberg survey, the average trade estimate for USDA's production figures in the Small Grains Summary report due out on Friday are for 1.050 billions of bushels(bbu) of HRW; 370 million bushels(mbu) of SRW; and 568 mbu of HRS. White wheat production is expected to be 241 mbu, a slight increase from the Sept. 12 figure.
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