Midday wheat futures are double digits higher through Friday’s midday. SRW is 2.15% to 2.5% higher on 16 3/4 cent gains. KC prices are leading the complex with 3.4% to 4.6% gains of as much as 37 cents. The spring wheat market is trading 16 1/4 to 25 cents in the black, led by July’s 3% gain.
The UN’s FAO expects the 2023/24 wheat crop at 139.5 MMT for the EU – citing April rains. They had the world total output at 785 MMT for 23/24 and old crop ending stocks at 309.7.
USDA’s weekly Export Sales report had 211,053 MT sold in the week that ended 4/27. That was a 35% increase from last week and was 78% above the same week last year. Weekly shipments were 289k MT for a season total of 16.483 MMT. USDA also reported 280k MT of new crop sales, which again were at the top end of estimates. That left the forward book at 1.292 MMT.
Monthly Census data showed a flat 50 mbu March export. That was down 18.7 mbu from February and was 12.9 mbu lower yr/yr. That set the YTD exports at 661 million, or 85.2% of the April WASDE’s forecast with April and May remaining.
Jul 23 CBOT Wheat is at $6.58 1/4, up 13 1/4 cents,
Sep 23 CBOT Wheat is at $6.69 3/4, up 13 cents,
Cash SRW Wheat is at $5.96 3/8, up 12 5/8 cents,
Jul 23 KCBT Wheat is at $8.30 1/4, up 32 cents,
Cash HRW Wheat is at $7.99 5/8, up 31 5/8 cents,
Jul 23 MGEX Wheat is at $8.33 1/2, up 21 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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