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CBOT wheat ends lower on technical selling, US harvest pressure

Reuters, 09.07.19

CHICAGO: Chicago Board of Trade (CBOT) wheat futures closed lower on Monday on technical selling and seasonal pressure from the ongoing US winter wheat harvest, traders said.

CBOT September soft red winter wheat settled down 4 cents at $5.11 per bushel, dropping below the contract’s 200-day moving average near $5.16.

K.C. September hard red winter wheat ended down 4-1/2 cents at $4.40-3/4 a bushel and MGEX September spring wheat fell 3/4 cent at $5.32-1/2.

The US Department of Agriculture reported export inspections of US wheat in the latest week at 609,456 tonnes, above trade expectations.

Ahead of the USDA’s weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to report the US winter wheat harvest as 45% complete, up from 30pc a week ago.

Analysts on average expected the USDA to rate 76pc of the US spring wheat crop in good to excellent condition, up from 75pc a week earlier.

A firmer dollar added pressure, making US grains less competitive on the world market.

Wheat exports from Russia, Ukraine and Kazakhstan will rise 4pc in the 2019/20 marketing season, a Reuters poll showed, as June’s heat wave failed to offset favorable weather in the winter.

However, SovEcon and IKAR, the leading agriculture consultancies in Moscow, on Monday downgraded their estimates of Russia’s 2019 wheat crop.

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