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Wheat Market Commentary

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Wheat futures are 5 to 8 cents higher this morning with KC HRW the strongest. They ended the Thursday session with most KC contracts 8 to 10 cents lower. CBT was down 5 to 6 cents, with MPLS steady to 3 cents in the red. Export sales of all wheat during the week of 9/6 were 387,570 MT. That was up 2.1% from the previous week and 22.4% larger than the same week in 2017. There was 429,086 MT in export shipments in that week. Morocco issued a preferential tariff quota for 336,364 MT of US wheat on Thursday, with the tender to close on Sep 28 and delivery by Dec 31. Saudi Arabia is seeking 595,000 MT of wheat in a tender closing today. Iraq is seeking 50,000 MT of wheat from the US, Canada, and Australia with the tender to close on 9/23.

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