Hard Red Wheat Futures Market News and Commentary
So far for the midweek session the wheat market is trading nearer the daily highs on double digit gains. CBT SRW futures are up 11 to 12 1/4 cents and less than a nickel from their daily high. KC futures are up as much as 16 1/4 cents so far – with the board back above the $10/bu mark. Spring wheat futures on the MGE are trading up by 11 1/2 to 15 3/4 cents.
The KC-MPLS wheat spread is favoring HRW by 12 1/2 cents (December) through midday. The spread has been working towards KC since spring wheat held a 70c premium back in July. HRW was briefly a premium to HRS in April ’22 and before the 2020 Covid market, else we need to look back to 2014 to see higher HRW prices for the front month.
Ahead of the weekly Export Sales report, analysts surveyed expect wheat sales were between 200k and 450k MT.
Monthly wheat exports were reported at 92.34 mbu for August. That completed the Q1 of 22/23 shipping with 206.55 mbu, a 5-yr low. That marks 25% of the WASDE full year f... Read more