CBT SRW futures are trading in the red so far through midday, with 3 to 4 1/2 cent losses. KC wheat is working 3 to 4 cents higher, with spring wheat gaining as much as 7 cents.
NASS survey data had 946.018 million bushels of wheat supplies on March 1st. That was 985.799 mbu tighter yr/yr with 227.5 still in farmer hands. Last year’s on farm stocks were just 174.4 mbu. Q3 disappearance was 365.8 mbu, compared to 348 mbu last year.
Acreage data from the Prospective Plantings report show 49.855m acres of wheat for 23/24. The winter wheat number was raised by 400k to 37.5 million. Spring wheat intentions were marked at 10.57 million acres, compared to the 10.9m trade average guess. Durum area is intended to be 1.78m acres, up from 1.63m planted during the old crop season.
May 23 CBOT Wheat is at $6.88 1/4, down 4 cents,
Jul 23 CBOT Wheat is at $7.00 3/4, down 3 3/4 cents,
Cash SRW Wheat is at $6.29, down 7 cents,
May 23 KCBT Wheat is at $8.72 1/2, up 1 cent,
Cash HRW Wheat is at $8.42 1/4, up 5 1/2 cents,
May 23 MGEX Wheat is at $8.87 3/4, up 8 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.
/Alphabet%20Inc_%20and%20Google%20logos%20by%20IgorGolovinov%20via%20Shutterstock.jpg)
