Futures are down 5 to 5 1/2 cents in the CBT market through midday. The KC HRW market is 6 1/4 to 10 cents lower so far. Spring wheat prices are trading with double digit losses through Wednesday, with the front months down as much as 17 cents.Â
Trader estiamtes range 75k MT to 400k MT for old crop wheat export sales. New crop bookings are expected to be as much as 225k MT ahead of the FAS data.Â
StatsCan wheat area was shown as 26.98m acres for 2023. That was a 1.58 million acre increase from last year and was the 3rd consecutive yearly gain. Traders had anticipated a flat 1m boost, thought it was within of estimates. Spring wheat was confirmed at 19.39m acres – the largest since 2001.Â
May 23 CBOT Wheat  is at $6.37, down 1 3/4 cents,
Jul 23 CBOT Wheat  is at $6.50 3/4, down 2 1/4 cents,
Cash SRW Wheat  is at $5.83 5/8, down 1 1/2 cents,
May 23 KCBT Wheat  is at $8.13 1/4, down 5 cents,
Cash HRW Wheat  is at $7.65 1/4, down 5 1/4 cents,
May 23 MGEX Wheat  is at $8.24 1/4, down 13 1/2 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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