Red Midday for Thursday Wheat Markets

So far through the Thursday session, wheat futures are trading with double digit losses in the SRW market of as much as 14 1/4 cents. KC HRW is down 8 1/2 cents so far. Spring wheat futures are trading the firmest through midday, with losses limited to a nickel so far. 

South Korea booked 65k MT of Australian sourced wheat via tender. Jordan purchased 60k MT of wheat via tender. Taiwan purchased 55,375 MT of U.S. sourced wheat via tender for grade 1 milling wheat. 

Census’s wheat exports were 1.516 MMT in July. That was down from 2.203 MMT US exports in July 2021 (-31.2%). 

Ahead of the monthly S&D estimates from USDA, analysts expect to see a looser carryout on average compared to August. The average estimate going in is 8.1 mbu above the 610 from August, though estimates range from a 40 mbu increase to a 16 mbu decrease. 

Sep 22 CBOT Wheat  is at $8.05 1/2, down 21 cents,

Dec 22 CBOT Wheat  is at $8.29 1/2, down 14 3/4 cents,

Cash SRW Wheat  is at $7.62 3/8, down 13 3/8 cents,

Dec 22 KCBT Wheat  is at $8.92 1/2, down 9 cents,

Cash HRW Wheat  is at $8.49, down 8 3/4 cents,

Dec 22 MGEX Wheat  is at $8.97 1/2, down 2 1/2 cents,