Wheat futures spreads were shifting today, with Chicago SRW futures settling 6 ¾ to 8 cents lower.  KC HRW was down ½ to 1 ¾ cents, while MPLS spring wheat held on some early session gains and closed UNCH to ¾ higher.  

USDA’s Crop Production report from Monday showed winter wheat yield at 53.2 bpa, with record yields reported out of several northern states, notably OR, MT, SD, MI and WI. The national spring wheat yield was a record 52.6 bpa, though NASS did reduce it by 0.9% from July. Both ND and MN yield were tallied at a record.

Egypt’s GASC purchased just 280,000 MT of wheat in their tender on Monday, with the origins split by 180,000 MT of Ukrainian and 100,000 MT Bulgarian wheat. They are reportedly negotiating a large direct purchase of wheat outside of Monday’s tender, at somewhat higher money. One complication with the large tender has been the 270 day delay for payment, along with uncertainties about freight costs over a longer than usual time span. 

Sep 24 CBOT Wheat  closed at $5.28 3/4, down 8 cents,

Dec 24 CBOT Wheat  closed at $5.51 3/4, down 8 cents,

Sep 24 KCBT Wheat  closed at $5.47 3/4, down 1/2 cent,

Dec 24 KCBT Wheat  closed at $5.62 1/2, down 1 cent,

Sep 24 MGEX Wheat  closed at $5.93, up 3/4 cent,

Dec 24 MGEX Wheat  closed at $6.11 1/2, down 1/2 cent,