Double Digit Gains for CBT Wheat Futures

Wheat futures are currently trading with gains led by 10 cent gains for SRW. Front month wheat futures dropped throughout the session and settled near their lows for the day. Chicago futures were down 7 to 8 cents on the day, while Sep saw a wide 38 cent range on the day. KC wheat went home with 7 1/2 to 13 3/4 cent losses. Spring wheat in MPLS held value better with fractional to 6 cent losses. 

The weekly NASS Crop Progress report showed 56% of the winter wheat crop was harvested as of 7/16. That was a 10ppt increase for the week, but is still 7% points behind the average pace. In KS, USDA showed 71% was harvested compared to 94% on average. The spring wheat crop was 86% headed as of 7/16, compared to 83% on average. Spring wheat crop conditions were scored at 337 on the Brugler500 Index, up by 8 points from last week. 

The Black Sea Grain Initiative (BSGI) has been halted unilaterally by Russia. 

The weekly Export Inspections data had 253,409 MT of wheat exports for the week that ended 7/13. That was down from 419k MT last week, but up 60k MT from the same week last year. SRW exports were 57% of the total for the week. USDA had 1.77 MMT for the season’s total, compared to 2.12 MMT last year at the same point. 

Sep 23 CBOT Wheat  closed at $6.53 3/4, down 7 3/4 cents, currently up 10 1/2 cents

Dec 23 CBOT Wheat  closed at $6.73 3/4, down 7 cents, currently up 10 3/4 cents

Cash SRW Wheat  was $5.94, down 8 1/8 cents,

Sep 23 KCBT Wheat  closed at $8.15 1/4, down 13 3/4 cents, currently up 7 1/4 cents

Cash HRW Wheat  was $7.70 5/8, down 13 3/4 cents,

Sep 23 MGEX Wheat  closed at $8.78 1/4, down 6 cents, currently up 1 1/4 cents