The wheat futures are mixed as KC futures are holding some overnight strength through midday. CBT SRW is down by a penny to 4 3/4 cents so far. Spring wheat prices are trading fractionally to 4 cents weaker. The gains in HRW are 2 to 4 cents so far, through July is 24 1/2 cents off the overnight high.
USDA reported 203,724 MT of wheat was shipped during the week that ended 6/22. That was a 31.5k MT drop wk/wk and was down by 149k MT from the same week last year. The season’s wheat export pace reached 757k MT, compared to 1.34 MMT last year.
Ukraine’s Ag Ministry reported 48.4 MMT of grain shipments for the season through 6/26. With 4 days of data collection remaining the unofficial 22/23 export included 16.6 MMT of wheat compared to USDA’s 16 MMT forecast and 18.8 MMT last year.
Traders are looking for NASS to show between 588 mbu and 695 mbu for 23/24 carry-in in the Friday report. The June WASDE had 598 million dialed in. The acreage estimates for 2023 range from 48.6 million to 50.2m. The average for all wheat is to see a 200k decrease from intentions. Of that, spring wheat is expected to drop 70k acres to 10.5 million.
Jul 23 CBOT Wheat is at $7.30 1/2, down 2 3/4 cents,
Sep 23 CBOT Wheat is at $7.44 3/4, down 1 3/4 cents,
Cash SRW Wheat is at $6.84 1/4, down 2 3/4 cents,
Jul 23 KCBT Wheat is at $8.63 3/4, up 4 3/4 cents,
Cash HRW Wheat is at $8.20 3/8, up 4 1/4 cents,
Jul 23 MGEX Wheat is at $8.63 1/2, down 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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