AM wheat quotes are mixed, as Chicago SRW is 2 to 5 cents higher though the HRW and HRS markets are fractionally to 2 cents in the red. Overnight CBT SRW futures saw two spike high attempts, ultimately leaving a 15 1/4 cent range for July. Chicago wheat futures ended Tuesday in the black, while the hard red futures faded. The front month SRW prices were 2 3/4 to 3 3/4 cents higher at the close. KC HRW futures ended the day down by 2 to 3 3/4 cents. July HRW printed a wide 41 3/4 cent range, with an initial surge following news of Ukraine flooding from the Kakhovka dam. Minneapolis wheat futures closed 2 3/4 to 3 3/4 cents lower across the front month contracts.
Analysts are looking for 5.5 mbu looser wheat carryout ahead of the monthly USDA report. The full range of estimates is from 592 mbu to 643 mbu from 598 in the May report. Ideas for new crop wheat stocks average 566 mbu going in, which would be 10.2 mbu looser if realized. Traders are looking to see a 6.5 mbu increase for wheat output on average – with HRW expected at 518 mbu and SRW at 414.5.
Jul 23 CBOT Wheat closed at $6.27 3/4, up 3 3/4 cents, currently down 2 1/2 cents
Sep 23 CBOT Wheat closed at $6.40, up 3 3/4 cents, currently down 2 3/4 cents
Cash SRW Wheat was $5.78 3/4, up 4 1/2 cents,
Jul 23 KCBT Wheat closed at $8.20 1/4, down 2 cents, currently down 2 cents
Cash HRW Wheat was $7.79 1/4, down 3 5/8 cents,
Jul 23 MGEX Wheat closed at $8.16 1/2, down 3 3/4 cents, currently down 1 1/2 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.
