Hard Red Wheat Futures Market News and Commentary
Front month wheat futures are down with double digit weakness into the week’s end. Chicago futures are 17 1/2 to 20 cents weaker. KC wheat futures are trading with 29 3/4 to 31 cent losses. Spring wheat futures are the weakest with +3% drops of as much as 43 3/4 cents. May ’23 spring wheat is firm at a 2 3/4 cent loss, now a 22 1/2 cent carry from the March ’23 contract. Midday Oats Futures Prices are also down by 8 1/2 to 18 1/4 cents.
The Hard Winter Wheat Quality Tour pegged the Kansas crop yield at 39.7 bpa, vs. 58.1 bpa in 2021. That was below the previous 5-year average of 47.4 bpa, but is just the 5th lowest since 2010. Planalytics estimates the US winter wheat yield at 48.7 bpa, from their initial 48.8 bpa estimate.
The International Grains Council forecasted 22/23 wheat output as 769 MMT, compared to their earlier 780 MMT estimate. Indian production was trimmed to 105 MMT.
Canadian wheat planting in Saskatchewan was 33% complete as of 5/16, trailing th... Read more