Despite the strong losses for the corn and soybean markets, wheat ended Thursday in the black. Chicago SRW prices were up by 4 1/2 to 8 cents on the day. KC futures closed fractionally to 5 1/2 cents higher, save for the 2 3/4 cent giveback in July contracts. Spring wheat contracts were up a penny to 2 3/4 cents at the close. July wheat options are set to expire tomorrow with First Notice Day on Friday June 30.
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.
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.
Jul 23 CBOT Wheat closed at $7.39, up 4 1/2 cents,
Sep 23 CBOT Wheat closed at $7.52 3/4, up 4 1/2 cents,
Cash SRW Wheat was $6.93 3/4, up 4 3/8 cents,
Jul 23 KCBT Wheat closed at $8.71, down 2 3/4 cents,
Cash HRW Wheat was $8.28 1/4, down 1 5/8 cents,
Jul 23 MGEX Wheat closed at $8.80, up 1 1/4 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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