Wheat futures gained back double digits on Thursday. Minneapolis spring wheat led the way with 21 cent gains of as much as 2.7%. That left the July contract at a net 8 cent gain for the week. KC HRW futures closed up by 2.2% with 16 3/4 to 18 1/2 cent gains. July HRW is still at a net 7 1/2 cent loss for the week’s net move. Chicago wheat futures traded up by 9 1/2 to 11 1/4 cents for Friday’s report day.
Analysts are looking for USDA to raise old crop wheat stocks by 5.5 mbu in tomorrow’s WASDE to an average trade guess of 603.5 mbu. New crop production is expected to increase by 6.5 mbu to 1.665 billion, of which an 11.8 mbu bump to 1.142 mbu is expected for winter wheat specifically. The additional carry-in and production left the average trade guess for new crop’s carryout 10.2 mbu higher. Global wheat stocks are estimated at 266.4 MMT and 312.9 MMT for 22/23 and 23/24 respectively.Â
The weekly FAS data release rounded out the 22/23 wheat export season with 17.758 MMT of exports and 877k MT of unshipped sales rolled into 23/24. Total new sales for the week were 234,788 MT led by Taiwan. The 23/24 season has 3.6 MMT on the books.Â
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Jul 23 CBOT Wheat  closed at $6.26 1/4, up 9 1/2 cents,
Sep 23 CBOT Wheat  closed at $6.39, up 11 1/4 cents,
Cash SRW Wheat  was $5.77 1/2, up 9 3/4 cents,
Jul 23 KCBT Wheat  closed at $8.04 3/4, up 16 3/4 cents,
Cash HRW Wheat  was $7.66 1/2, up 17 1/4 cents,
Jul 23 MGEX Wheat  closed at $8.15 3/4, up 21 3/4 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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