The front month wheat futures market is trading in the black, but off the session highs. Chicago SRW futures are currently 2 to 3 cents higher, though Dec is 4 ½ cents off the high and trading mid-range. KC HRW prices are currently 2 to 2 ½ cents in the black. MGE spring wheat futures are up 2 ¾ to 4 ¾ cents across the front months.
The International Grains Council estimates wheat production at 783 MMT, down 1 from their prior outlook and now 22 MMT lower yr/yr. Wheat carryout is also 20 MMT lower yr/yr, but was raised by 2 MMT from their prior forecast to 263 MMT.
Dec 23 CBOT Wheat is at $5.77 1/4, up 1 1/2 cents,
Mar 24 CBOT Wheat is at $6.04, up 1 3/4 cents,
Cash SRW Wheat is at $4.90 1/1, up 1 3/4 cents,
Dec 23 KCBT Wheat is at $7.13, up 2 1/2 cents,
Cash HRW Wheat is at $6.40 1/4, up 2 1/2 cents,
Dec 23 MGEX Wheat is at $7.71 1/4, up 3 3/4 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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