Spring Wheat Futures PricesWed, Aug 24th, 2016
Latest Brugler Spring Wheat Report
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Wheat futures lost another 6 1/2 to 7 1/2 cents in HRW and SRW September contracts on Tuesday. Stats Canada published its updated estimates for crop production this morning expecting Canadian wheat production to be 30.5 MMT, up 10.5% year/year and the second largest crop ever. While trade estimates had been over 30 MMT, the news still traded as bearish. Nearby MPLS September futures sank 16 1/4 cents on the news, as most of the Canadian production is spring wheat. Their national average yield forecast was 48.9 bpa, up 6.1 bpa year/year. NASS showed spring wheat harvest 19 points ahead of the five year average for this week. Egypt passed on all offers in their wheat tender as an apparent attempt to negotiate the prices lower did not succeed. This tender was for fairly prompt end of September delivery, but they do have a little cushion from domestic production.
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