Spring Wheat Futures Market News and Commentary
Wheat prices are up by double digits into Friday’s midday going into the long weekend. Chicago prices are up 17 3/4 to 21 3/4 cents so far. KC wheats are trading 13 1/4 to 15 3/4 cents in the black. Spring wheat prices are up by as much as 22 cents on 1.5% to 1.7% gains.
Interfax estimates Russia’s 22/23 wheat shipments from 39 to 40 MMT off an 86 MMT crop. That would be up from the 84.7 MMT crop reaped in 21/22 and next year’s export projection is larger than the USDA forecasts of 33 MMT for old crop and 36 MMT for NMY.
Iran is set to bring in 5 MMT of wheat from Russia. Egypt loosened their moisture requirements for imported wheat from 13.5% to 14% to take effect on 5/26. Intentions are to inspire more offers (and competition) at an otherwise elevated global price.
Saskatchewan reported 52% of spring crops were planted as of 5/23, compared to 33% last week and the 78% average. Turkey estimated their 22/23 wheat crop at 19.5 MMT, an 11% boost yr/yr if realized. ... Read more