Spring Wheats Holding Firm

Minneapolis spring wheat futures are holding onto earlier strength with fractional to 2 1/4 cent gains at midday. The CBT market is down by double digits so far. KC HRW is fractionally mixed to 2 3/4 cents in the red at midday. 

The official May export total for wheat was 1.417 MMT according to Census data. That was a 4.6% increase yr/yr and left the full season total at 771 mbu. USDA was using 775 mbu in their May WASDE. 

Favorable growing season weather and swift planting pace led French wheat yields above estimates, with Avarlis and Intercerales confirming yields 5% above the 10-yr average. That has output figured near 35.8 MMT off the official acreage. 

Private firm Agritel estimated Russia’s wheat crop at 85.7 MMT, from 83.2 MMT citing good weather conditions. 

Reports across the Southern Plains indicate some rain delays for harvest. NOAA’s updated 7-day QPF has more coming for the week. Southern KS and NW. OK can expect as much as 5”. 

Algeria purchased 200k MT of durum wheat via tender. Thailand purchased 60k MT of feed wheat to be sourced via Romania after tendering for 180k MT. 

Jul 23 CBOT Wheat  is at $6.40 3/4, down 21 1/4 cents,

Sep 23 CBOT Wheat  is at $6.59, down 15 1/4 cents,

Cash SRW Wheat  is at $6.00, down 15 1/8 cents,

Sep 23 KCBT Wheat  is at $8.45 1/4, down 1 cents,

Cash HRW Wheat  is at $8.00 5/8, down 1 1/8 cents,

Sep 23 MGEX Wheat  is at $8.59 1/4, up 1 3/4 cents,