Red Start For Thursday Wheat

Wheats are trading ~ a nickel lower in the winter wheat markets and fractionally mixed for HRS currently this AM. Overnight, futures were mainly working lower, but lost momentum into the morning and are firming ahead of the Export Sales report. Wheat markets faded on Wednesday continuing the correction from Turnaround Tuesday. Chicago SRW futures closed 4 3/4 to 11 1/2 cents in the red. KC markets went home 2 1/4 to 8 1/4 cents in the red. MPLS HRS wheat firmed into the close, as old crop went home UNCH and new crop was fractionally mixed to 1 3/4 cents in the red. Oats Futures Prices  were red on Wednesday, giving back 26 1/2 to 23 cents – but are back in the black so far for Thursday. 

Analysts surveyed anticipate fewer than 350k MT of old crop wheat sales were made during the week of 4/14. New crop wheat bookings are expected to be between 150k and 400k MT in tomorrow’s Export Sales report. 

The 7-day QPF from NOAA shows rain where needed for 22/23 wheat crops. From mid TX through IL wheat fields can expect 1” – 5” through the next week. The majority of the accumulated rain will be along the 4-state corner of KS / MO / AR / OK. Northern Plains are also forecasted to receive 1 1/2” to 2 1/2”. NE and W. KS will miss out with just a tenth of an inch in the forecast. 

EU wheat exports through 4/17 trail last year’s pace by 4% according to data from the European Commission. Accumulated shipments to destinations outside of the EU totaled 21.3 MMT as of 4/17. 

India’s Minister of Food and Commerce forecasts 10 to 15 MMT of Indian wheat exports in 22/23. That would be a record, and up from this year’s record 8.5 MMT. India had shipped 2.56 MMT in 2020/21, but had been a net importer for 6 of the past 16 years. 

May 22 CBOT Wheat  closed at $10.88, down 11 cents, currently down 5 3/4 cents

Cash SRW Wheat  was $10.32 5/8, down 12 1/4 cents,

Jul  SRW Wheat  closed at $10.97 1/2, down 11 1/2 cents, currently down 7 cents

May 22 KCBT Wheat  closed at $11.63 1/4, down 8 1/4 cents, currently up 6 1/2 cents

Cash HRW Wheat  was $11.18, down 7 cents,

Jul  HRW Wheat  closed at $11.69 1/2, down 6 3/4 cents, currently up 7 cents

May 22 MGEX Wheat  closed at $11.69 1/4, unch, currently up 3/4 cents

Sep 22 MGEX Wheat  closed at $11.56 1/2, up 1/4 cent, currently down 4 1/4 cents