Wheat prices are rallying double digits so far through the midweek session. Chicago quotes are 8 ½ to 10 ¾ cents higher at midday with Dec working 4 ½ cents under the session high. KC HRW futures are trading with gains of as much as 13 ¼ through midday. MGE quotes are 6 to 9 ¾ cents in the black so far.
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.
Turkish president Erdogan is visiting Russia to meet with president Putin. Discussions will center around possible routes to re-enter a grain corridor arrangement.
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 LY. Perhaps related, 2023/24 EU wheat exports as of Aug. 20th have reached 4.06 mmt, and are below the 5.12 mmt from LY.
Sep 23 CBOT Wheat is at $6.11 1/4, up 9 1/2 cents,
Dec 23 CBOT Wheat is at $6.37 1/2, up 10 cents,
Cash SRW Wheat is at $5.43 7/8, up 9 1/2 cents,
Sep 23 KCBT Wheat is at $7.53, up 13 cents,
Cash HRW Wheat is at $6.91 5/8, up 13 7/8 cents,
Sep 23 MGEX Wheat is at $7.82 1/2, up 9 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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