Wheat Weaker on Friday Morning

So far wheat prices are trading lower across all three exchanges going into the last trading day of the week. Wheat futures ended Thursday mixed, with spring wheat futures in MPLS 2 to 8 ½ cents higher. Chicago contracts were up as much as 1 ¼ cents in the front months, with deferred contracts down 1 ¾ to 4 ¾ cents. Kansas City contracts closed with 4 ½ to 8 ¼ cent gains in the nearbys and 2 to 8 ¾ cent losses in most back months.

The Kansas Wheat Harvest report for July 20 continued to show quite variable yields with some areas averaging as much as 58 bpa while others sustained multiple hail events and little to no remaining wheat. 

The International Grains Council lowered their outlook for global 23/24 wheat output by 2 MMT to 784. That is now a 19 MMT decline from last year, but still net +4 MMT from 21/22. Stocks were tightened by 1 MMT to 263. 

Weekly Export Sales data indicated just 170,658 MT of all wheat sales in the week that ended on July 13. That was a 3-week low and below the trade expectations. Sales were mainly spread out between Chile (78,200 MT), Japan (49,300 MT), and Mexico (35,200 MT). Total sales commitments for this year lag 2022/23 by 31.6% at just 5.19 MMT. 

Sep 23 CBOT Wheat  closed at $7.27, down 3/4 cent, currently down 22 cents

Dec 23 CBOT Wheat  closed at $7.46 1/4, up 3/4 cent, currently down 22 1/4 cents

Cash SRW Wheat  was $6.65 1/8, down 2 cents,

Sep 23 KCBT Wheat  closed at $8.74 3/4, up 8 cents, currently down 25 3/4 cents

Cash HRW Wheat  was $8.27 3/8, up 7 1/8 cents,

Sep 23 MGEX Wheat  closed at $9.02, up 4 3/4 cents, currently down 14 3/4 cents