Wheat Market Declines Across Exchanges as Rainfall Hampers Planting
The wheat market is experiencing losses across all three exchanges at midday on Wednesday. Chicago SRW is slipping between 9 to 10 cents, while KC HRW futures are leading the decline with contracts down by 11 to 12 cents. MPLS spring wheat is also trading lower, down by 8 to 9 cents.
Winter wheat planting may be delayed due to expected rainfall in the TX panhandle and KS over the next week. The USDA's Export Sales report will be released on Thursday, with traders anticipating wheat bookings ranging from 350,000 MT to 600,000 MT for the week of September 17.
The European Commission reported that EU wheat exports from July 1 to September 20 totaled an estimated 6.3 MMT, exceeding last year's figure of 6.19 MMT. The Coceral organization estimates the combined UK and EU wheat crops at 137.5 MMT, a reduction of 3.3 MMT from their previous estimate.