More Sell Pressure in Wheat Market

Kansas City wheat futures are dropping with midday losses of as much as 4%. So far the front months are 30 to 34 1/4 cents in the red, and only 2 to 9 cents off their lows for the session. MGE HRS is also down by 2.4% to 3.9% with midday weakness of 20 to 33 cents. Chicago wheat prices are also in the red, but holding relatively firm through midday on losses limited to 17 1/2 cents. 

USDA’s weekly Export Sales report showed 42k MT of net cancelations for old crop wheat. That left the full season commitments at 694 mbu compared to the 775 via the WASDE report. There are still 3 weeks for weekly reports, and the Census data tends to run high. New crop sales were 337k MT which left the new crop total at 1.962 MMT. That is 71% behind last year’s forward sales which compares to USDA’s forecasted 7% yr/yr decline. 

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 was 27.5 bpa vs. 38.2 last year. Only 275 stops were made, compared to 502 last year and 335 two years ago. 

Jul 23 CBOT Wheat  is at $6.07, down 18 1/2 cents,

Sep 23 CBOT Wheat  is at $6.20, down 17 3/4 cents,

Cash SRW Wheat  is at $5.46, down 18 1/2 cents,

Jul 23 KCBT Wheat  is at $8.54 1/4, down 31 1/4 cents,

Cash HRW Wheat  is at $8.23 1/4, down 31 1/4 cents,

Jul 23 MGEX Wheat  is at $8.26 3/4, down 33 cents,