Wheats Working Towards Red

Wheat prices are mixed at midday, as seemingly the only positive trading security for the week’s start. CBT SRW futures have broken Friday’s close, and are trading 3 1/4 to 6 cents in the red. KC wheat is still holding on to 5 1/2 to 6 cent gains through midday. HRS prices are 3 3/4 to 5 cents higher through Dec ’22, with the 2023 delivery months in the red. 

USDA reported 236,847 MT of wheat was shipped through the week that ended 5/5. That was down 155k MT wk/wk and down 327k MT from the same week last year. The weekly Export Inspections report showed 19 MMT of wheat had been shipped MYTD through 5/5, compared to 23.75 MMT during the same period last season. 

The average trade guess for new crop wheat output is 1.82 bbu ahead of the May WASDE. Traders surveyed expect between 1.672 bbu and 1.915. HRW output is figured between 568 and 779 mbu for 22/23, with the 687 mbu average to be a yr/yr decrease of 62.5 mbu. All winter wheat is expected to total 1.245 mbu. 

Going into the Thursday report, the trade is looking for USDA to lift global wheat carryout by 500k MT to 279 MMT. For 22/23, the trade expects between 262 MMT and 290 MMT of wheat will figured as carryout. 

Jul 22 CBOT Wheat  is at $11.04, down 4 1/2 cents,

Cash SRW Wheat  is at $10.43 1/2, down 4 3/4 cents,

Jul 22 KCBT Wheat  is at $11.76 1/4, up 5 3/4 cents,

Cash HRW Wheat  is at $11.29 3/8, up 5 3/4 cents,

Jul 22 MGEX Wheat  is at $12.12 1/4, up 3 1/2 cents,