Front month wheat futures ended mostly weaker on Friday save for the July HRW contract which was up 7 cents and the Sep which closed UNCH. The other HRW futures were a penny to 4 cents lower at the settle. July saw a net dime gain for the month. Chicago futures were down by 12 1/2 to 16 3/4 cents for the day and July closed a net 43 cents higher for the month’s net move. Spring wheat prices were down by 5 1/2 to 8 1/2 cents for the day, but September held onto a 34 1/2 cent increase through the month.Â
The June Acreage data from USDA showed 49.628m acres were planted for wheat. That was a slight reduction from the March report as winter wheat dropped 500k acres and spring wheat was raised by 600k. The HRW ground was reported at 25.7m acres, with 7.66m for SRW, and 3.68m for white winter. HRS spring wheat was 10.5 million.Â
The Quarterly Grain Stocks put the official carryin for 23/24 at 580 mbu. The average trade guess was to see 612 mbu, though the June WASDE was figuring 598 mbu of carryin. Q4 consumption was figured at 365.83 mbu discounting imports, and compared to 330.74 mbu last year.Â
Jul 23 CBOT Wheat  closed at $6.36 1/4, down 16 3/4 cents,
Sep 23 CBOT Wheat  closed at $6.51, down 16 1/2 cents,
Cash SRW Wheat  was $5.92 3/4, down 17 3/8 cents,
Jul 23 KCBT Wheat  closed at $8.01 1/4, up 7 cents,
Cash HRW Wheat  was $7.52, down 1 1/2 cents,
Jul 23 MGEX Wheat  closed at $8.02, down 5 1/2 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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