Kansas City wheat futures traded higher this morning, supported by further declines in the winter wheat crop ratings in yesterday's crop progress reports, according to traders.

All winter wheat is now estimated at 39% good-to-excellent, versus 40% last week. Kansas stayed unchanged at 37% good-to-excellent from last week, Oklahoma came in lower at 21% good-to-excellent versus 27% last week, and Nebraska improved from 9% good-to-excellent last week to 13% this week.

The effects of the ongoing drought continue to affect the emerging HRW wheat crop, traders said. There also continues to be not a lot of rain in the forecast for HRW wheat areas, traders added.

Kansas City wheat futures traded higher today after yesterday's delayed USDA crop progress reports estimated the winter wheat crop overall in poor condition, according to traders.

This has been reported as the worst start in the good-to-excellent category for the winter wheat crop since the beginning of official reports, traders added. The entire U.S. winter wheat crop is estimated at 40% good-to-excellent, versus 46% last year.

Kansas is rated at 37%, Oklahoma at 27%, and Nebraska at 9% good-to-excellent. The drought continues to take a toll on the progress of the newly planted wheat crop, traders said.

SovEcon has now downgraded the Russian wheat crop to 37.5 million metric tonnes, down .5 million metric tonnes from their last report and from the USDA estimate, traders said.
 

Kansas City wheat futures traded slightly lower today with some small profit taking ahead of tomorrow's USDA production and supply and demand reports, according to traders.

A private firm has raised their Chinese winter wheat crop estimate to 114.3 million metric tonnes, higher than their previous estimate, traders said. This new number is lower than the current USDA estimate, traders added.

Kazakhstan's grain crop estimate is being estimated at a lower number by the Kazakhstan Agriculture Ministry.

Corn, soybeans, and Spring wheat all showed declines in yesterday's USDA progress reports but were trading lower this morning ahead of the reports tomorrow.

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Kansas City wheat futures traded mostly lower this morning with economic concerns weighing on the market, according to traders.

Some economic news out of China was negative this morning, and the U.S. unemployment number increased from 8% to 8.2%, traders said. The U.S. economy only added 69,000 new jobs, compared to an expected 150,000, traders added.

USDA weekly wheat export sales were poor, estimated at a negative 64,000 metric tonnes of old crop and 325,000 metric tonnes of new crop wheat. Previous estimates ranged from 400,000 to 550,000 metric tonnes.

Previous editions of the KCBT Review Newsletter can also be found on the KCBT website.  Simply click on the date you would like to view or download here: KCBT Review Newsletter.

• June 12, 2012
• July 11, 2012
• August 10, 2012
• September 12, 2012
• October 11, 2012
• November 9, 2012
• December 11, 2012

• June 29, 2012
• September 28, 2012