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Wheat Market Commentary

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Wheat futures are UNCH to 4 cents lower this morning. They saw losses of 3 to 6 cents in most contracts on Thursday. USDA Weekly Export Sales totaled only 317,066 MT, in the middle of trade estimates. That was down 17.1% from a week ago and 31.7% lower than the same time in 2017. Major exporter stocks may be declining, but the US has yet to capture export market share. Export shipments were shown at 344,899 MT in the week ending August 2, which was down 10.8% from last week. US Wheat ending stocks are expected (per survey) to be down 18 mbu in the USDA report to 967 mbu. Strategie Grains cut their EU wheat production estimate by 4.7 MMT to 127.7 MMT, suggesting USDA could make further cuts to their EU forecast. Japan purchased a total of 150,640 MT in their weekly MOA tender from the US, Australia, and Canada, with 49,180 MT from the US.

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