Mixed Wheat Quotes into Midweek

The Wednesday wheat trade is working within 2 cents of UNCH so far. Wheat futures firmed up in the afternoon and flipped Chicago prices back to net gains for the day. SRW futures went home fractionally to 2 ½ cents higher. KC HRW futures were fractionally to a penny in the red at the close. Spring wheat futures stayed the weak link of the domestic markets and ended the day down by 2 to 8 ¾ cents. 

Survey respondents ahead of the StatsCan production figures ranged from 29.3 MMT to 33.1 MMT for 23/24 Canadian wheat production. The average of 30.4 MMT would be down 3.4 MMT if realized. Traders expect StatsCan to report spring wheat at 23.1 MMT and durum at 4.3 MMT. 

Areas in Europe are struggling to get the wheat crop out citing nearly daily rainfall since late July. According to the EU Monitoring Agricultural Resources unit, France, Germany, and Benelux are the most impacted on prolonged and stalled harvest. Quality concerns and Fungal issues are being monitored. Private analyst SovEcon raised its 2023 Russian wheat production forecast 5 mmt to 92.1 mmt, well above the Aug-23 USDA est. of 85 mmt.  Ukraine’s Ag. Ministry estimates new crop wheat exports from July 1st thru Aug. 21st at 1.46 mmt, up 64% from YA.  Perhaps related, 2023/24 EU wheat exports as of Aug. 20th have reached 4.06 mmt, and are below the 5.12 mmt from YA. 

Sep 23 CBOT Wheat  closed at $6.01 3/4, up 2 1/2 cents, currently up 1 1/4 cents

Dec 23 CBOT Wheat  closed at $6.27 1/2, up 2 cents, currently up 1/2 cent

Cash SRW Wheat  was $5.33 1/4, up 1 1/2 cents,

Sep 23 KCBT Wheat  closed at $7.40, down 1 cent, currently down 3/4 cent

Cash HRW Wheat  was $6.77 5/8, down 2 1/8 cents,

Sep 23 MGEX Wheat  closed at $7.73 1/2, down 8 3/4 cents, currently down 1/4 cent