Wednesday Wheats Dropping Double Digits

Wheat futures are fading their early week strength with double digit losses through midday. Chicago prices are 2.2% to 2.7% weaker with a 16 1/4 cent loss in July. KC wheat futures are down by as much as 3.3% so far. MGE spring wheat futures are trading 12 to 18 cents lower with losses of as much as 2.3%. 

Ahead of the weekly FAS data, analysts are looking for USDA to report between 75k MT of old crop wheat cancelations and 100k MT of net new old crop sales. New crop export sales are estimated between 200k MT and 500k MT for the week that ended 5/18. 

Ukraine’s Ag Ministry reported the season’s grain export was 4.6% behind last year’s pace with 44.6 MMT shipped – including 15.3 MMT of wheat, an 18% decrease yr/yr. 

South Korea booked 135k MT of wheat via tender, sourced with 50k from U.S. and Australia and 35k MT from Canada. 

U.S. wheat import purchases have reached 7 cargoes of 30k MT each – according to Reuters sources. Poland (5) and Germany (2) were reported as the source origins. 

Jul 23 CBOT Wheat  is at $6.10 1/2, down 11 3/4 cents,

Sep 23 CBOT Wheat  is at $6.23 1/4, down 11 1/4 cents,

Cash SRW Wheat  is at $5.49 1/2, down 11 3/4 cents,

Jul 23 KCBT Wheat  is at $8.17, down 24 1/2 cents,

Cash HRW Wheat  is at $7.83 1/4, down 27 3/8 cents,

Jul 23 MGEX Wheat  is at $8.05 3/4, down 15 cents,