Wheat Futures Market News and Commentary
Wheat futures are mostly red this morning into the Thursday session. The July KC contract is holding onto gains. Front month SRW futures were 4 1/2 to 6 cents lower on the day, and MPLS futures fell 6 1/2 to 15 1/4 cents. KC wheat closed off the highs but held on for fractional to 2 3/4 cent gains. Oats Futures Prices were higher with July spiking 34 cents back to $6.64/bu, to the other nearby’s 4 to 6 cent gains.
Going into NASS’s reports, traders are looking for 21/22 wheat ending stocks to be 655 mbu on average. That compares to 845 mbu last year and matches the June WASDE. The full range of responses is from 635 mbu to 675 mbu. Wheat planted area on average is expected to be 380k acres lighter than March at 46.97 million.
Ahead of the weekly Export Sales report, analysts are looking for USDA to report between 200k MT and 600k MT of wheat bookings.
Manitoba’s Ag Ministry reported that 700k acres remain unseeded, and that over 150k acres were planted after th... Read more