KC Wheat Sells The Fact On Friday

After seeing the KWQT results, HRW futures are down by double digits. The Tour had the lowest production estimate since 1996 despite NASS showing an 11% increase to planted acreage for the state. Current futures are leading the board lower on double digit midday losses of as much as 22 cents. SRW futures are trading with 2 to 3 3/4 cent losses. HRS prices are down 5 3/4 to 13 cents so far. 

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. 

IGC released their May forecast, showing a 22/23 ending stock of 282.9 MMT shrinking to 271 MMT at the end of 23/24. That itself was down by 6 MMT on a 5 MMT production cut (mainly via U.S.). Russia’s IFX estimates the 23/24 wheat crop at 84.1 MMT. 

Jul 23 CBOT Wheat  is at $6.10 3/4, down 1 cent,

Sep 23 CBOT Wheat  is at $6.22 3/4, down 1 3/4 cents,

Cash SRW Wheat  is at $5.50 7/8, down 1 cent,

Jul 23 KCBT Wheat  is at $8.36 1/4, down 20 3/4 cents,

Cash HRW Wheat  is at $8.05 1/4, down 20 3/4 cents,

Jul 23 MGEX Wheat  is at $8.16 1/2, down 12 cents,