Midweek Wheat Gaining at Midday

So far for the Wednesday wheat session, futures are in the black and near their daily highs. CBT SRW is up by 8 to 9 3/4 cents so far. KC HRW is trading 7 1/2 to 9 1/4 cents higher at midday. Spring wheat futures are up 2 1/4 to 4 cents so far. 

Ahead of the USDA Wheat Seedings data, analysts are looking for all winter wheat acreage total 34.5m acres. Last year’s planting was 33.3m acres. HRW specifically is looking to expand by 800k on average, with a 300k acre boost for SRW. 

Pre-report estimates for global wheat stocks average 268.3 MMT ahead of Thursday’s reports. If realized that would be a 900k MT increase, though the full range of expectations is from a 1.9 MMT cut to a 7.7 MTM boost. 

Egypt is tendering for wheat to be funded by the World Bank – Russia holds the lowest offer so far. Taiwan is looking to secure 45.2k MT of U.S. wheat. Japan issued a regular wheat tender for 89.7k MT of wheat to be sourced from the U.S. and Canada. 

Mar 23 CBOT Wheat  is at $7.42, up 11 cents,

May 23 CBOT Wheat  is at $7.49 1/4, up 9 3/4 cents,

Cash SRW Wheat  is at $6.86 5/8, up 11 cents,

Mar 23 KCBT Wheat  is at $8.21 1/2, up 9 3/4 cents,

Cash HRW Wheat  is at $7.86 3/8, up 9 3/4 cents,

Mar 23 MGEX Wheat  is at $8.99 1/4, up 4 3/4 cents,