Wheat Posting Limit Gains

The wheat complex is up the limit in several winter wheat front months at midday. CBT contracts are up 63 to 70 cents in the nearby contracts, with KC 67 to the 70 cent limit higher. Deferred contracts are up 22 to 55 cents. MPLS is 58 to 60 cents higher. 

Over the weekend, India took steps to limit exports. This was incorrectly reported in the media as a ban, but Bangladesh has indicated they will not be restricted, Egypt has indicated they have been promised 500,000 MT, and India has confirmed that other sales with active letters of credit will be allowed to proceed. The above did not prevent wheat from gapping higher on Sunday night. 

Wheat export inspections during the week of 5/12 were reported at 348,048 MT. That was a rebound from the week prior by 32.4%, but was still 47.3% below the same week in 2021. The MYTD total is now 19.376 MMT, down 20.62% vs. the year prior. 

US spring wheat planting is thought to have crawled forward to 41-45% complete vs. the 76% average pace. MN and ND have made little progress.   

Jul 22 CBOT Wheat  is at $12.47 1/2, up 70 cents,

Cash SRW Wheat  is at $11.86 3/8, up 69 cents,

Jul 22 KCBT Wheat  is at $13.52, up 70 cents,

Cash HRW Wheat  is at $13.04 1/2, up 69 3/8 cents,

Jul 22 MGEX Wheat  is at $13.85, up 60 cents,