Double Digit Gains for Friday Wheat

Wheat futures are heading into the Labor Day Weekend with double digit gains at midday. CBT SRW futures are back up by 14 1/2 to 16 1/4 cents in the front months. Midday HRW futures are trading 12 3/4 to 16 1/2 cents higher. Spring wheat futures are up 6 3/4 to 15 1/2 cents so far. 

Ukraine’s Agri Council lobby group expect to see ~50% reductions to winter grain planted area. Last year’s area included 8.4m HA (~20.8m acres) with 6.2m HA (~15.35m acres) of wheat. A small vessel carrying Ukrainian corn briefly blocked the Bosphorus straight when it ran aground, but social media indicates that it has now been towed out of the way. 

In Canada, Saskatchewan’s wheat harvest was 23% complete at 8/29 - compared to 26% on average. BAGE reported that 23.7% of Argentina’s wheat area is facing poor conditions and will have below trend yields. 

Sep 22 CBOT Wheat  is at $7.90, up 14 1/2 cents,

Dec 22 CBOT Wheat  is at $8.10 1/4, up 16 cents,

Cash SRW Wheat  is at $7.40 1/8, up 16 1/2 cents,

Sep 22 KCBT Wheat  is at $8.80, up 16 1/2 cents,

Cash HRW Wheat  is at $8.36 3/8, up 13 1/4 cents,

Sep 22 MGEX Wheat  is at $8.90, up 15 1/2 cents,