Wheat Rallying another Double Digits

Morning wheat futures are trading with double digit strength through midday. CBT SRW futures are nearer their daily highs with 7 1/2 to 10 1/2 cent gains. KC HRW futures are trading up by 11 1/4 to 17 1/2 cents so far. Spring wheats are up by as much as 13 1/4 cents. 

The International Grains Council expects 22/23 wheat production to reach 792 MMT. That is up 14 MMT from their prior estimate, and is now up 10 MMT from last year. Stocks absorbed most of the increased availability with an 11 MMT higher stock pile of 286 MMT. 

USDA reported 183,467 MT of wheat was booked for Export during the week that ended 9/15. That was down 16% from last week, below the expected range, and about half of the same amount from the same week last year. Indonesia and China were the largest net buyers, and white wheat was the most sought after variety. 

Dec 22 CBOT Wheat  is at $9.12 1/2, up 8 3/4 cents,

Mar 23 CBOT Wheat  is at $9.23 3/4, up 8 1/2 cents,

Cash SRW Wheat  is at $8.45 3/8, up 8 5/8 cents,

Dec 22 KCBT Wheat  is at $9.83 1/2, up 16 1/2 cents,

Cash HRW Wheat  is at $9.41 1/4, up 16 1/2 cents,

Dec 22 MGEX Wheat  is at $9.76 1/2, up 12 1/4 cents,