Sept Chgo Wheat closed 6 ½ cents lower ($5.33 ¼), Dec 6 cents lower ($5.44 ¼) & March 5 ¾ cents lower ($5.53)
Sept KC Wheat closed 3 cents lower ($4.71 ½), Dec 3 cents lower ($4.69 ½) & March 3 cents lower ($4.80 ½)
Sept Mpls Wheat closed 8 cents lower ($5.17), Dec 6 ¼ cents lower ($5.36 ¼) & March 5 ¾ cents lower ($5.50)
Weekly Wheat Export Inspections – 695.7 K T. vs. 450-700 K T. expected
Weekly Winter Wheat Progress – Planted – 5% vs. 4% expected vs. 3% 5-year average
Weekly Spring Wheat Progress – Harvested – 82% vs. 83% expected vs. 87% 5-year average
What’s bullish – Strong Black Sea prices – a lack of EU wheat for export –
What’s bearish – a strengthening US Dollar – beneficial rains for Argentina and Australia – ABARES (the Australian version of our USDA) is suggesting this year’s wheat crop will nearly double vs. last year’s crop, 28.91 M T. vs. 15.17 M T.
December Chgo wheat is advertising its August 70 cent rally has come to an end. $5.38 represents first support followed by something closer to $5.25. Initial resistance is $5.55 to $5.60. December KC wheat is also advertising its 70 cent rally during the month of August has come to an end. First support comes into play at the $4.60 level, better down towards $4.50. Initial resistance is the $4.80 level.
Daily Support & Resistance – 9/09
Dec Chgo Wheat: $5.38 – $5.54
Dec KC Wheat: $4.64 – $4.78
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