Week’s Wheat Move Near Breakeven

Wheats are currently trading 3 to 9 cents higher, led by spring wheat, so far for Thursday. That has the market mostly near breakeven for the week’s net move. The Kansas City HRW wheat market closed the midweek session just fractionally to 2 1/4 cents off the daily lows on 25 to 32 1/4 cent losses. MGE wheat was also sharply lower on Wednesday, getting back below the $8 round number on 22 to 23 cent losses. Chicago wheat also faded on Wednesday, but front month losses were limited to 13 3/4 cents. 

NOAA’s updated 7-day QPF has rain for NE/KS/CO. Accumulations are heaviest in E. KS with as much as 2 1/2” expected in the coming week. Most areas are expecting at least an inch. TX will stay mostly dry, and OK accumulations will top out at an inch. ECB SRW fields will also get rainfall, but the spring wheat area will miss out. 

The monthly Census data had April wheat exports at 55.32 mbu. That was up 5 mbu from March, but was 9 mbu lighter than April ’22. The season’s total was 697 mbu with May shipments and flour equivalent to add to get the final WASDE number. The season’s pace was at 93% of the WASDE forecast. 

Export sales estimates for old crop wheat bookings range 150k MT of cancelations to 50k MT of net new sales for the week that ended 6/1. New crop business is expected to range 200k MT to 500k MT for the week. 

Jul 23 CBOT Wheat  closed at $6.16 3/4, down 11 cents, currently up 3 3/4 cents

Sep 23 CBOT Wheat  closed at $6.27 3/4, down 12 1/4 cents, currently up 4 1/2 cents

Cash SRW Wheat  was $5.67 3/4, down 11 cents,

Jul 23 KCBT Wheat  closed at $7.88, down 32 1/4 cents, currently up 5 1/2 cents

Cash HRW Wheat  was $7.48 1/4, down 31 cents,

Jul 23 MGEX Wheat  closed at $7.94, down 22 1/2 cents, currently up 9 1/2 cents