The domestic wheat futures market is dropping another 3% through midday. The nearby SRW prices have dipped below the $7 mark for Sep and Dec, while the deferred contracts are holding there on 26 cent losses. KC futures are down 27 to 30 3/4 cents at midday, but maintaining the +$8 quotes. Spring wheat futures are also fading 19 3/4 to 27 cents at midday, with July only a penny premium to July HRW.Â
Pre-report estimates for the weekly Export Sales report range 50,000 MT to 400,00 MT for the week of 6/22.
The StatsCan Acreage report showed 27.024 million acres of wheat ground for 2023, the most in more than 20 years. That was above the top end of pre-report estimates, and increased 1.636m acres over last year. Spring wheat makes up 19.47m acres with 6.034 million for durum ground.Â
Day 6 of the Kansas Wheat Harvest mentioned another farmer in Central KS who destroyed his 1.5 to 3 bpa wheat and planted grain sorghum instead. Weeds were a concern in the 6th update from kswheat.com. The wide yield variability is still the theme depending on how the individual fields were by late May. Some industry yield models are running several bpa higher than NASS following the improved moisture. USDA won’t update yields until the July Crop Report.Â
Jul 23 CBOT Wheat  is at $6.59 1/4, down 25 3/4 cents,
Sep 23 CBOT Wheat  is at $6.73, down 26 cents,
Cash SRW Wheat  is at $6.12 1/2, down 26 1/8 cents,
Jul 23 KCBT Wheat  is at $8.03 1/4, down 34 1/2 cents,
Cash HRW Wheat  is at $7.60 1/1, down 33 5/8 cents,
Jul 23 MGEX Wheat  is at $8.06 1/4, down 27 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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