Wheat Ignoring Corn and Soy Weakness

Wheat prices are cautiously higher as the corn and soy markets fade on Thursday. CBT SRW futures are gaining 3 to 6 3/4 cents in the front months through midday. KC wheat futures are trading a penny to 3 1/2 cents higher. Minneapolis wheat prices are fractionally weaker to 1 1/4 cents higher in the front months so far. 

Ahead of the StatsCan acreage survey results, traders are looking for between 25.6m acres and 27m acres of 23/24 wheat. The average estimate is to see 26.5m acres compared to the 25.2m planted last season. Of that, durum is estimated at 5.9m acres. StatsCan will release the results on 6/28. 

Pre-report estimates for the weekly Export Sales data have wheat bookings between 100,000 MT and 400,000 MT for the week that ended 6/15. 

Japan is in the market for 92,529 MT of food grade wheat from U.S., Canada, and Australia. 

SovEcon reduced their outlook for Russia’s 23/24 wheat production by 1.2 MMT to 86.8 citing worsening crop conditions and evaporating soil moisture reserves. 

The Ukrainian grain export corridor has been shipping at a slow pace through late May and June. Daily inspection rates remain low as Russia seeks to include new parameters for allowing the deal to remain in place. 

Jul 23 CBOT Wheat  is at $7.37 1/2, up 3 cents,

Sep 23 CBOT Wheat  is at $7.51 1/4, up 3 cents,

Cash SRW Wheat  is at $6.91 3/8, up 3 cents,

Jul 23 KCBT Wheat  is at $8.74 1/2, up 3/4 cent,

Cash HRW Wheat  is at $8.31 1/1, up 1 cents,

Jul 23 MGEX Wheat  is at $8.79 3/4, up 1 cent,