Wheats Trading Higher on Report Day

Wheat prices are working near the overnight highs with 6 to 17 cent gains across the domestic classes going into the monthly USDA crop production and supply/demand reports. Wheat futures fell by double digits on Thursday. SRW futures were 1.8% to 2.2% lower and closed near their lows. HRW futures were 2 to 3 cents off their low at the close, with losses of as much as 1.9%. Spring wheat futures were 11 1/4 to 12 3/4 cents weaker. 

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. 

The weekly Exports Sales report had 26,263 MT of wheat bookings for the week that ended 5/4. That was below the range of estimates as a new MY low. Cancelations were limited, as were net sales. The MY ends May 31. USDA showed new crop bookings were 333,624 MT. That was above estimates and set the forward book at 1.626 MMT. Forward sales into the 22/23 season were 2.43 MMT at this time last year. 

Jul 23 CBOT Wheat  closed at $6.27 1/4, down 14 cents, currently up 8 cents

Sep 23 CBOT Wheat  closed at $6.39, down 13 1/2 cents, currently up 8 cents

Cash SRW Wheat  was $5.66, down 14 cents,

Jul 23 KCBT Wheat  closed at $8.41 1/2, down 13 3/4 cents, currently up 16 cents

Cash HRW Wheat  was $8.10 1/4, down 13 3/4 cents,

Jul 23 MGEX Wheat  closed at $8.36 3/4, down 12 3/4 cents, currently up 13 1/2 cents