Wheat International News
Several countries, including Turkey, Egypt, and India, are in discussions regarding safe shipments through the Black Sea region. No final agreement has been reached yet, while attacks on energy infrastructure continue.
As of September 22, speculative funds in Chicago wheat futures and options were increasing their net short position. The net short increased by 8,968 contracts during the week, reaching a new net short position of 13,144 contracts. In KC wheat, managed money reduced its net long position by 4,015 contracts, bringing it to 41,743 contracts.
According to the USDA Export Sales report, US wheat export commitments stand at 9.449 million metric tons, down 31% from the same period last year. This represents 45% of the USDA’s full-year export projection, compared with the average sales pace of 54%.
According to NOAA’s 7-day QPF, 2 to 4 inches of rain are expected over the next seven days from the Texas Panhandle to Nebraska. This will add much-needed soil moisture to some dry areas but could slow the pace of wheat planting.
