Chicago wheat futures are up by as much as 2 3/4 cents so far. Futures were stronger to start the session, but are ~7 cents off their highs. KC HRW futures are down by 2 to 4 cents across the front months at midday. Minneapolis spring wheat futures are currently within a penny of UNCH.
The weekly Export Inspections data showed 246,559 MT of wheat was shipped during the week that ended 6/8. That was down from 304k MT last week and was below the 412k shipped during the same week last year. The week’s shipment was mainly soft white wheat.
The USDA reports made no changes to the old crop wheat S&D balance sheet. The standing estimate is for a 598 mbu carryout, with the June Grain Stocks report to finalize the season. New crop production was boosted by 6 mbu. By state, CO was upped 4.4, OK by 4.3, TX by 4 and OR by 1.5 mbu, while MI was cut 2.9, OH by 1.1, and WA by 1.75 mbu. That adjusted the crop size to 1.665 bbu, matching the estimate going in. No other changes were made to the domestic wheat balance sheet, as carryout is now figured at 562 mbu.
Jul 23 CBOT Wheat is at $6.32 1/2, up 2 1/4 cents,
Sep 23 CBOT Wheat is at $6.44 1/2, up 2 3/4 cents,
Cash SRW Wheat is at $5.85 1/4, up 4 5/8 cents,
Jul 23 KCBT Wheat is at $7.95 1/2, down 2 1/4 cents,
Cash HRW Wheat is at $7.54 1/4, down 2 1/4 cents,
Jul 23 MGEX Wheat is at $8.12, up 1/4 cent,
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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