The Wednesday wheat market is trading mixed after a back and forth action. The July SRW contract saw an 8 3/4 cent range overnight. Wheat futures were down by double digits at one point, but rallied back about a dime. The SRW market was still 3 1/2 to 4 3/4 cents lower at the close, after July printed a wide 18 1/2 cent range on the day. KC HRW futures were 10 3/4 to 14 3/4 cents lower on Tuesday. July saw a 25 1/2 cent range during the session and closed 9 cents off the day’s low to hold the $8/bu mark. Front month spring wheat futures closed the session 3 1/4 to 5 cents in the red.Â
Ahead of the StatsCan acreage estimates report analysts are looking for a 1m acre increase for wheat to 26.3m. The full range is for between 25.5m acres to 27 million, compared to 25.4m last season. Spring wheat specifically is expected to increase 900k acres on average to 18.9 million.Â
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May 23 CBOT Wheat  closed at $6.38 3/4, down 4 3/4 cents, currently up 3 3/4 cents
Jul 23 CBOT Wheat  closed at $6.53, down 4 cents, currently up 4 1/2 cents
Cash SRW Wheat  was $5.84 1/8, down 4 3/4 cents,
May 23 KCBT Wheat  closed at $8.18 1/4, down 14 3/4 cents, currently up 3/4 cent
Cash HRW Wheat  was $7.70 1/2, down 14 1/2 cents,
May 23 MGEX Wheat  closed at $8.37 3/4, down 5 cents, currently down 2 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.
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