CBT SRW in Black So Far

Chicago futures are trading 3 to 5 1/4 cents in the black though the hard reds are fractionally weaker in early Friday trading. 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 2.2% higher, 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 to date. Chicago wheat futures were up by 9 1/2 to 11 1/4 cents ahead of  report day. 

Analysts are looking for USDA to raise old crop wheat stocks by 5.5 mbu in the WASDE report, 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. 

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. 

Jul 23 CBOT Wheat  closed at $6.26 1/4, up 9 1/2 cents, currently up 5 1/2 cents

Sep 23 CBOT Wheat  closed at $6.39, up 11 1/4 cents, currently up 5 3/4 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, currently down 1 1/2 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, currently down 3/4 cents