Wheat Futures Dropping after Weekend

The midday wheat market is trading sharply lower, with some contracts exploring new lows for the move. Chicago wheat prices are down 3.2% to 3.7% so far, with July sub-$6 for the first time since April of 2021. KC Wheat futures are also below their round number $8 support, with double digit losses of as much as 4.7%. MGE spring wheat futures are up in the May ’24 contract, but down 2.8% to 3.3% in the nearbys. 

The weekly Export Inspections report had 382,031 MT of wheat shipments for the week that ended 5/25. That was down from 440k MT last week, but was 37.7k MT above the same week last year. Thailand was the top destination for the week with 121k MT. The season’s total shipment reached 19.558 MMT. 

Reports on the wire suggest that Taiwan booked 56k MT of wheat from U.S. via tender. 

Turkey expects the 2023/24 wheat crop would reach 20.5 MMT, a 3.8% increase yr/yr. Spring planting in the Ukraine has reached 5.3m HA as of 5/26, a 10% lower area than this time last year, including 261.9k HA of spring wheat. SovEcon expects the 23/24 wheat crop will be 18.5 MMT, up 400k MT from their prior estimate. 

Jul 23 CBOT Wheat  is at $5.95 1/4, down 20 3/4 cents,

Sep 23 CBOT Wheat  is at $6.09 1/4, down 20 1/4 cents,

Cash SRW Wheat  is at $5.34 1/4, down 20 3/4 cents,

Jul 23 KCBT Wheat  is at $7.85 3/4, down 33 1/2 cents,

Cash HRW Wheat  is at $7.58 3/4, down 33 1/2 cents,

Jul 23 MGEX Wheat  is at $7.95 1/2, down 22 1/2 cents,