Chicago SRW futures are missing out on gains seen in the MGE and KC markets. Prices are fractionally to 2 1/2 cents lower through midday. The KC HRW market is gaining as much as 6 cents. Hard red spring wheat futures are up by 3 to 5 cents at midday.
Analysts estimate the USDA will raise the old crop wheat carryout by 4.3 mbu on average to 602.3. Estimates range from a 13 mbu cut to a 24 mbu looser ending stocks. New crop wheat stocks are estimated at 607.7 mbu on average. U.S. wheat output is expected to come in at 1.811 bbu in Friday’s numbers. Analysts expect at least 1.691 bbu, but the highest estimate is 1.924 bbu. For winter wheat specifically, survey responses ranged from 1.080 to 1.371 bbu.
A Stats Canada report from Tuesday morning showed all wheat stocks as of March 31 at 13.3 MMT, 18.2% larger than last year. The trade was expecting stockpiles of 14 MMT.
Jul 23 CBOT Wheat is at $6.43 1/4, down 1/4 cent,
Sep 23 CBOT Wheat is at $6.54 1/4, down 1 cents,
Cash SRW Wheat is at $5.82 1/8, down 1/8 cent,
Jul 23 KCBT Wheat is at $8.61 1/4, up 5 cents,
Cash HRW Wheat is at $8.30 7/8, up 4 3/4 cents,
Jul 23 MGEX Wheat is at $8.51 1/2, up 3 3/4 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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