Wheats Lose Double Digits on Black Sea News

Wheat futures ended the session off their lows but still sharply lower. Chicago futures gave back more than 3% on 18 to 22 cent front month losses. KC HRW futures were down by 9 3/4 to 14 cents at the close. Spring wheat futures closed the day with 19 to 20 3/4 cent losses. 

Analysts estimate the weekly FAS data will have between 50k and 150k MT of old crop wheat bookings for the week that ended 5/11. New crop export sales are estimated to be at least 200k MT with 400k MT at the high end. 

Turkey’s current Prime Minister Erdogan announced that the Black Sea Grain Corridors deal has been extended by 2 months. Russia’s Foreign Ministry has confirmed another 60 days. 

The Buenos Aires Grains Exchange reported Argentine wheat output should be near 18 MMT for 23/24. 

The Minneapolis Grains Exchange had HRS wheat stocks at 13.78 million bushels in MN and WI warehouses. 

Individual field results from Day 2 of the 2023 KS Wheat Tour ranged from 9.7 to 51.8 bushels per acre. The official day 2 average will be released later this evening. Drought and some freeze damage remain prevalent.

Jul 23 CBOT Wheat  closed at $6.25 1/2, down 22 cents,

Sep 23 CBOT Wheat  closed at $6.37 3/4, down 22 1/2 cents,

Cash SRW Wheat  was $5.65 1/2, down 22 cents,

Jul 23 KCBT Wheat  closed at $8.85 1/2, down 9 3/4 cents,

Cash HRW Wheat  was $8.55 1/2, down 9 5/8 cents,

Jul 23 MGEX Wheat  closed at $8.59 3/4, down 19 cents,