Wheat futures are trading off their highs so far for the midday prints. December SRW had gotten to within 4 cents of the $9/bu mark, but futures are fractionally to 3 1/2 cents higher at midday. KC wheat prices are 10-14 cents off their highs as well, but are still up by 4 to 9 cents. Front month MPLS wheat prices are gaining 3 to 5 cents through Friday’s midday.
Going into the WASDE report on Wednesday, analysts expect USDA to cut the 22/23 wheat carry-out by 47.5 mbu to 562. That comes via wide expectations from 477 on the low end to 637 on the high end. Global wheat stocks have a tighter 8 MMT expected range, from 262.6 MMT to 270 MMT, with the average of estimates for a 700k MT cut to 267.9.Â
The Grain Industry Association of Western Australia expects wheat output to reach 12.1 MMT from the West, up from their prior estimate of 10.75 MMT. Argentina has missed out on most of the recent rainfall, leading BAGE to cut the wheat crop forecast to 17.5 MMT from 20.5 MMT reported in May. Neighboring net importer Brazil on the other hand, has received too much rain raising quality concerns for their domestic crop. French wheat planting reached 3% of expected area through 10/3.Â
Dec 22 CBOT Wheat  is at $8.78, down 1 cent,
Mar 23 CBOT Wheat  is at $8.93, up 1/4 cent,
Cash SRW Wheat  is at $8.11 1/8, down 5/8 cent,
Dec 22 KCBT Wheat  is at $9.68 1/4, up 3 1/4 cents,
Cash HRW Wheat  is at $9.26, up 3 1/4 cents,
Dec 22 MGEX Wheat  is at $9.65 1/4, up 2 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
