AM Wheats Firming for Friday

AM wheat quotes are back up by as much as 5 cents across the classes. Yesterday, the CBT Wheat futures market pressed another 11 1/2 to 13 3/4 cents lower. For July contracts that was a 2.2% loss leaving the board at a 3.7% loss for the week. KC Wheat futures dropped a sharp 3.2% to 3.6% on the day, flipping net lower for the week. MGE futures were down 2.6% to 3.6% on Thursday. 

The final results from the Kansas Wheat Quality Tour have the state average yield at 30 bushels per acre. That leaves their total state wide output at 178 mbu, compared to NASS’s May forecast of 191. That is the lowest production estimate since 1970. Last year the Tour estimated a 261 mbu production and the final USDA was 267. On average the tour has understated KS final production by 1.8%. Their results implied additional abandonment with an implied 5.93m acre harvest for Kansas, compared to NASS’s 6.6 million. Kansas winter wheat was planted on 8.1m acres. 

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. 

Jul 23 CBOT Wheat  closed at $6.11 3/4, down 13 3/4 cents, currently up 5 1/4 cents

Sep 23 CBOT Wheat  closed at $6.24 1/2, down 13 1/4 cents, currently up 5 3/4 cents 

Cash SRW Wheat  was $5.51 7/8, down 13 5/8 cents,

Jul 23 KCBT Wheat  closed at $8.57, down 28 1/2 cents, currently up 2 1/4 cents

Cash HRW Wheat  was $8.26, down 28 1/2 cents,

Jul 23 MGEX Wheat  closed at $8.28 1/2, down 31 1/4 cents, currently up 4 1/2 cents