Pre report wheat markets are fading so far into the day session. Wheat futures ended the day session with double digit gains during the session. Chicago wheat prices were 19 3/4 to 20 3/4 cents higher, with May up by 25 1/2 to above $11 ahead of Friday’s expiration. KC wheat futures went home with 21 1/2 to 25 1/2 cent gains. May was 18 cents higher and expires on Friday. Spring wheat futures closed with 33 1/2 to 42 1/2 cent gains on the day. July wheats closed at a new LoC high of $12.58 per bushel.
Trader estimates for US weekly wheat export sales range from 25k to 125k MT for old crop delivery and from 0 to 350k MT for new crop delivery.
Ahead of the WASDE report later today, analysts are looking for USDA to raise old crop wheat stocks by 7 mbu on average to 685. New crop wheat production is estimated at 1.82 bbu, up from 1.646 bbu from the current season. New crop wheat carryover is estimated between 495 and 854 mbu, with the average at 663.5 mbu.
Globally, the trade is looking for 500k MT looser wheat stocks ending 21/22 at 278.9 MMT. New crop carryover is expected to be between 262 MMT and 290 MMT, with the average trade guess to be 3.9 MMT tighter yr/yr.
The Rosario Grains Exchange figures Argentina’s 22/23 wheat crop as 19 MMT, compared to 21 MMT during the current MY.
The Refinitiv Commodities Research team forecasted the Ukrainian wheat output as 23.4 MMT for the 22/23 season. If realized it would be their lightest output since 13/14 and down from 33 MMT this year.
Cash SRW Wheat was $10.53 1/1, up 21 1/4 cents,
Jul SRW Wheat closed at $11.13, up 20 1/4 cents, currently down 8 cents
Cash HRW Wheat was $11.54 1/2, up 25 1/2 cents,
Jul HRW Wheat closed at $12.00 1/2, up 25 1/2 cents, currently down 7 1/4 cents
Sep 22 MGEX Wheat closed at $12.51 ¾, up 38 1/4 cents, currently down 6 cents