Front month wheat futures are up by double digits across all three markets. The Chicago quotes are up 11 3/4 to 12 1/2 cents. KC HRW is gaining 17 1/2 to 18 1/4 cents. Midday spring wheat futures are up by as much as 20 cents so far.Â
The weekly Export Inspections report had 392,484 MT of wheat shipments for the week that ended 3/23. That was up 17k from last week and 49k MT from the same week last year. The report showed 36% was HRW and 31% was white wheat. Mexico and China were the week’s top destinations. Accumulated wheat exports were marked at 16.679 MMT as of 3/23, trailing last year’s pace by 220k MT.Â
Survey results going into NASS’s quarterly Grain Stocks report have wheat marked at 928 mbu on average. The full range of estimates is from 875 million to 1.02 billion bushels. The Q3 implied demand would be 351 mbu if the average is realized, compared to 348 mbu last season.Â
New crop acreage is expected to come in at 48.9 million in Friday’s data. Estimates range from 45.7 to 50 million for all wheat, compared to USDA’s Outlook Forum 49.5 figure and 45.7 million last season. Of that, the trade has 10.9m acres dialed in on average for spring wheat.Â
May 23 CBOT Wheat  is at $6.98 1/2, up 10 cents,
Jul 23 CBOT Wheat  is at $7.10, up 10 cents,
Cash SRW Wheat  is at $6.43 1/8, up 10 cents,
May 23 KCBT Wheat  is at $8.64, up 16 cents,
Cash HRW Wheat  is at $8.28 5/8, up 16 cents,
May 23 MGEX Wheat  is at $8.76 1/2, up 19 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. For more information please view the Barchart Disclosure Policy here.
/AI%20(artificial%20intelligence)/Data%20Center%20by%20Caureem%20via%20Shutterstock%20(2).jpg)
/PayPal%20Holdings%20Inc%20HQ%20photo-by%20bennymarty%20via%20iStock.jpg)
/Micron%20Technology%20Inc_%20logo%20on%20building-by%20vzphotos%20vis%20iStock.jpg)
