Positioning ahead of the 3-day weekend has the midday wheat markets in the black so far. KC wheat is the weak link, with gains limited to 5 3/4 cents across the front months. CBT SRW futures are trading 9 to 11 1/2 cents higher so far. MGE HRS prices are up by 7 3/4 to 10 1/2 cents at midday.
CME data showed that Chicago wheat totaled 389.5k contracts of open interest across the board as of Thursday’s settle – up from 375.2k last week. In KC wheat futures, there were 186k contracts active from 182k last week.
The USDA’s weekly Export Sales report had old crop wheat bookings at a net 45k MT cancelation for the week that ended 5/18. Total 22/23 commitments were 18.841 MMT, or 692.3 mbu, with 2 weeks left in the season. New crop wheat sales were 245k MT and near the low end of estimates.
Russia’s IKAR raised their expected 2023 wheat output by 2 MMT to 86. Their new export potential is estimated at 44 MMT. The EU’s Copa-Cogeca estimates 2023 grain production at 277 MMT, up 4.6% yr/yr. Their soft wheat outlook is expected to increase 2.8%.
Jul 23 CBOT Wheat is at $6.16 1/4, up 12 cents,
Sep 23 CBOT Wheat is at $6.29 1/2, up 12 1/4 cents,
Cash SRW Wheat is at $5.55 1/4, up 12 cents,
Jul 23 KCBT Wheat is at $8.20 1/4, up 2 1/4 cents,
Cash HRW Wheat is at $7.92 1/4, up 2 1/4 cents,
Jul 23 MGEX Wheat is at $8.16 1/2, up 11 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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