July SRW ended the 6th consecutive session with a loss by way of an 11 cent drop on Wednesday. That had prices down 58 cents since breaking the $7 mark on 4/19. The other Chicago wheat contracts closed near the lows of the day on 10 1/4 to 11 1/2 cent losses.Â
Trader estimates 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 intentions were 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 1 million acres boost, though the larger number was within the range of estimates. Spring wheat was confirmed at 19.39m acres – the largest since 2001.Â
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May 23 CBOT Wheat  closed at $6.27 1/4, down 11 1/2 cents,
Jul 23 CBOT Wheat  closed at $6.42, down 11 cents,
Cash SRW Wheat  was $5.73 3/4, down 11 3/8 cents,
May 23 KCBT Wheat  closed at $7.93 1/2, down 24 3/4 cents,
Cash HRW Wheat  was $7.50 7/8, down 20 5/8 cents,
May 23 MGEX Wheat  closed at $8.08, down 29 3/4 cents,
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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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